If you’re a U.S. citizen thinking of buying a property across the border in Canada, you’ll need to hit pause on that plan. The Canadian government has put a ban on foreigners buying houses in Canada, in the wake of skyrocketing home prices.
The nation’s new budget plan addresses housing affordability. Prime Minister Justin Trudeau blames speculation and greed on the increasing home values. His administration has crafted a Homebuyers Bill of Rights to help Canadians achieve their dream of buying a home.
A plan to increase housing supply to meet the demands of the growing population was also presented, as was a savings plan to help Canadians save for a down payment.
Sarnia’s real estate market is in line with the housing trends throughout Canada. A modest three-bedroom home can approach a half-million dollars.
Home prices in Canada have shot up over 50% in the last two years, with the national average price at over $800,000 Canadian. Trudeau’s administration has also proposed intervening in real estate practices that promote secret bidding which is blamed for driving prices to thousands of dollars over the asking price.
Reporting for WGRT – Jennie McClelland
