Canada Bans Foreign Home Buyers for Two Years

In Chapter 1, sub-section 1.4 of the 2022 Canadian budget, there is a rather remarkable new rule that bans foreign ownership and investment in housing for a period of two years.  [LINK HERE]

“To make sure that housing is owned by Canadians instead of foreign investors, Budget 2022 announces the government’s intention to propose restrictions that would prohibit foreign commercial enterprises and people who are not Canadian citizens or permanent residents from acquiring non- recreational, residential property in Canada for a period of two years.”

Two points about this issue.  First, can you imagine the media outcry if a conservative prime minister would ever make such a proposal?  Quite a leftist change from the previous mantra “diversity is our strength”?

Second, considering the issue of foreign investment that creates housing, there is a likelihood this could backfire.  The new position of Canada will certainly put more upward pressure on the U.S. housing market.  Every action tends to have an equal and opposite reaction.  It will be interesting to follow this and see where it leads.

OTTAWA, Ontario (AP) — Prime Minister Justin Trudeau’s government announced Thursday it will ban foreign investors from buying homes in Canada for two years in a bid to cool off a hot housing market.

Finance Minister Chrystia Freeland took a number of measures to tamp down speculation and demand amid record home prices in announcing the federal budget for the year.

The government announced a two-year ban on foreign home buying as well as higher taxes for people who sell their home within a year, though both measures include multiple exceptions including for permanent residents and foreign students. (read more)

Imagine the apoplexy if Donald Trump made such a nationalistic move.

As with most things leftist, European, political and currently Canadian, the ideologues are all about advancing globalism until some consequence reaches their doorstep.  Then suddenly changes need to be made and protectionist programs like this new 2022 housing rule are triggered.   Can you think of something more economically nationalist than this rule?

Alas, we beat the dead equine.  In order for entrenched left-wing ideologues to continue advancing their insane ideology, they must pretend not to know things.