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Buy real estate in Canada It was banned for foreigners in 2023. This is very important news for applicants to immigrate to Canada in 2023. The purpose of this plan is to reduce real estate prices in Canada. In fact, the government of this country wants to increase the purchasing power of its citizens by banning the purchase of real estate in Canada for foreigners. In this article from Migration magazine We will examine this law and its impact on Iranian immigration.
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Why was it forbidden to buy residential real estate for foreigners?
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Buying property in Canada And Obtaining an investment visa one of the ways Immigration to Canada it counts. Of course, to migrate to the method Invest in Canada You have to go through certain processes and buying a house is not considered an investment activity. However, many Iranians have bought many houses and residential properties in Canada.
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Read more: Conditions for obtaining a Canadian study visa
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The law prohibiting foreigners from buying a house in Canada was first proposed in 2021 by Justin Trudeau. The purpose of presenting this law was to reduce housing prices in this country and increase people’s purchasing power. The ban on buying a house in Canada is supposed to be applied temporarily and for two years to foreigners.
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Read more: Conditions for obtaining permanent residence in Canada through marriage
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Is there an exception to the law prohibiting the purchase of real estate for foreigners?
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Of course, there are exceptions in this law. For example, refugees and people who have the privilege of permanent residence in Canada but are not yet considered citizens of this country, can buy the house and property of their choice. As a result, it can be said Laws prohibiting the purchase of real estate in Canada It only applies to people who have been in Canada for a short time or are going to in the future Obtaining a study visa, business visa Canadainvestment and… enter the soil of this country.
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Another important point of the law prohibiting the purchase of houses for foreigners is that it is limited to the urban area. Ottawa officials announced in late December 2022 that the law would only apply to townhouses. Therefore, it will be possible for foreigners to buy summer cottages or recreational villas outside the city.
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What effect does the ban on buying property for foreigners have on the Canadian housing market?
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Many Canadian citizens and economic experts believe that the injection of capital into the real estate sector by foreigners will make housing more expensive. In fact, the increase in demand for buying a house in Canada has caused prices to rise; In such a way that some local people and citizens no longer have the power to buy houses in urban areas.
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In recent years, the housing and real estate market in Canada has suffered a significant decline. Although there were many requests to buy real estate in this country in the last two decades, the trend of the last few years shows stagnation and high prices in this sector. This high price continued until the average housing price in Canada went up to 800 thousand dollars. Of course, this record was set at the beginning of 2022, and in December, the average value of a house in Canada reached $630,000.
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However, some economic experts and real estate agency experts do not consider the adoption of the law prohibiting the purchase of property in Canada to be effective. These people believe that a maximum of 5% of the ownership of houses in Canada belongs to foreigners. Therefore, the ban on buying a house for foreigners in Canada cannot have much effect on the market trend.
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These experts consider the increase in construction and attention to optimization as an effective way to reduce property prices in Canada. A few months ago, the National Housing Agency of Canada published a report on the housing situation in this country. According to this report, Canada will need 19 million houses or residential units by 2023.
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Read more: Asylum in Canada
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Since when was the law prohibiting the purchase of real estate in Canada for foreigners approved?
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The Liberal Party of Canada is the main group in favor of the 2023 House Buying in Canada Act. Prominent people of this movement have repeatedly announced during the talks and political meetings of the 2021 elections that the low price and ideal conditions of Canadian houses have caused many profit seekers and rich people to invest their capital in the housing market. After the victory of this movement in the elections, the law banning the purchase of houses in Canada for foreigners was quickly passed.
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Now the officials of cities like Toronto and Vancouver have designed new tax rules for empty houses and non-residents in order to reduce housing prices in these important and expensive cities.
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Read more: Types of Canadian tourist visas
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The effect of the ban on buying real estate in Canada for non-resident Iranians on the immigration process
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Many Iranians have bought houses in Canada. Many people who migrated from the investment method lived in their own property from the very first months. Also, people who immigrated to this country for work have been able to buy a house after some time. Even some people who enter Canada through a study visa buy a private house after a while.
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With the introduction of a law prohibiting non-resident Iranians from buying a house in Canada, living expenses may increase for some in the early years. Of course, there are many houses for rent in this country. So there is no need to worry about finding a place to live in Canadian cities. However, many Iranians prefer to live in their own house in Canada from the very beginning and do not experience renting for several years.
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In general, this law will not have a special effect on increasing or decreasing the desire of immigration applicants. Before this law, many people prefer to live in a rented house or they did not have enough funds to buy a house. However, it is very important to pay attention to this law and check its consequences before immigrating to Canada
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