In an effort to make housing more affordable for Canadians, the Canadian government has implemented a ban on foreign commercial enterprises and people from buying residential properties in Canada for two years, effective from Jan.1, 2023.
The law to restrict foreigners from buying property was proposed by Prime Minister Justin Trudeau in 2021 and passed by the Canadian Parliament in June 2022. The law was a result of the unexpected rise in residential property prices in 2020 and 2021, that made buying houses very costly for citizens.
