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Home Business News Diaspora

Canada to ban Nigerians and other foreigners from buying homes

Home prices in Canada have soared more than 50% over the past two years.

Ubah Jeremiah Ifeanyi by Ubah Jeremiah Ifeanyi
April 7, 2022
in Diaspora, Real Estate and Construction
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Canada will ban Nigerians and other foreigners from buying homes for two years as an attempt to cool off a skyrocketing real estate market.

This ban would not affect foreign students, foreign workers or foreign citizens who are permanent residents of Canada.

The measures will be contained in Finance Minister, Chrystia Freeland’s budget on Thursday, according to what a person familiar with the matter told Bloomberg.

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What you should know

  • Home prices in Canada have soared more than 50% over the past two years. The market saw a record monthly increase in February as buyers acted ahead of rate increases by the Bank of Canada, taking the benchmark price of a home to C$869,300 ($693,000).
  • In last year’s election campaign, Justin Trudeau’s party also suggested a ban on “blind bidding” for properties, which is the current practice of keeping offers hidden when someone is auctioning a home.
  • Blind bidding has been criticized for hastening price increases, with properties occasionally selling for hundreds of thousands of dollars more than the asking price. Some argue that secret bidding encourages potential buyers to make the best offer they can.
  • The country’s real estate agents’ trade association has now withdrawn its support for the practice.
  • On Wednesday, the Canadian Real Estate Association unveiled a pilot initiative to display real-time offers on properties posted on Realtor.ca, the association’s own listing website.

What they are saying

The move indicates that Prime Minister Justin Trudeau is getting more assertive about managing one of the most expensive property markets in the industrialized world.

Furthermore, his government is becoming more concerned about the electoral fallout from rising home costs and inflation.

According to the source, the foreign-buyer prohibition will not apply to students, foreign workers, or foreign citizens who are permanent residents of Canada.

“I don’t think prices are going to fall as a result, though I do think it takes away at least some of the competition in what is the most competitive market in Canadian housing history,” Simeon Papailias, founder of real estate investment firm REC Canada. “I don’t think a two-year band-aid is going to have an impact on what’s a fundamental lack of supply.”

Several billion dollars from Freeland’s budget will go toward affordable housing and assisting local governments upgrade their procedures so that new houses can be built quickly.

However, the government is planning additional measures to help new home buyers, ostensibly to boost demand. Freeland would introduce legislation that allows Canadians under the age of 40 to save as much as C$40,000 ($31,900) for a home downpayment within a new tax-exempt vehicle, the person said.

Tags: CanadaChrystia FreelandNigeriareal estate
Ubah Jeremiah Ifeanyi

Ubah Jeremiah Ifeanyi

For further inquiries about this article, contact: Email: Ifeanyi.ubah@nairametrics.com Twitter: @ubahjc Linkedln: Jeremiah Ubah

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Comments 4

  1. Propscout says:
    April 8, 2022 at 4:26 pm

    We shall see how things go

    Reply
  2. www.property254.co.ke says:
    July 21, 2022 at 6:13 pm

    I don’t think this is really the solution

    Reply
  3. Samuel Ishau, Lead Consultant, New Wine Realty says:
    January 5, 2023 at 8:48 am

    Well, I think I understand th motive behind this ban. By the way, this is not a ban on Nigerians only it includes other foreign investors.

    Reply
  4. ikiara says:
    March 22, 2023 at 10:10 am

    The world is turning to be a global village. Soon they will need the rest of us…

    Reply

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