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Flat White New Zealand

Should Australia freeze out foreign buyers?

22 November 2022

4:10 PM

22 November 2022

4:10 PM

Canada has banned foreign ownership of residential real estate for two years to ‘cool’ an overheated housing market.

Official information from Immigration Canada said the ban affects non-residents, prohibiting ‘foreign nationals from owning homes in Canada, starting January 1, 2023’.

Slotted in as Division 12, The Prohibition on the Purchase of Residential Property by Non-Canadians Act, was enacted as part of the Bill C-19 budget, stating:

‘It is prohibited for a non-Canadian to purchase, directly or indirectly, any residential property.’

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