Foreign buyers Canada real-estate

The federal government is planning to unveil a significant crackdown on foreign homebuyers as part of Thursday's federal budget, CTV National News Ottawa ...

Further to the foreign homebuyer ban, CTV News reported the feds are setting aside $4 billion to help municipalities update their zoning and permitting systems to allow for accelerated construction of residential units. Affordability has become a hot pocket-book issue throughout the pandemic, as prices skyrocketed not only in Canada’s largest urban centres, but in outlying communities as well. And the Nova Scotia government unveiled new taxes on non-resident homebuyers in its budget last month.

The federal government's budget will put $10 billion into breaking the back of unaffordable housing, Heather Scoffield writes.

The combination of higher interest rates, a slower economy and the big bundle of budget measures will no doubt take the edge off an overheated housing market. Legislation will be required for some of the measures. That will undoubtedly dampen demand for homes well before the federal plans for increasing supply kick in. The rules will also seek to ensure the true buyers are known and fully transparent, and not hiding behind a real estate agent or façade. On the affordable housing side of the equation, insiders feel they have already put a lot of money into that space, but there will be $1.5 billion for new affordable housing through the Rapid Housing Initiative that was inspired by the pandemic. The pandemic took that trend and set it on fire, with house prices climbing almost 30 per cent nationally in the past year alone.

The Canadian government is moving to make it illegal for foreigners to buy any residential properties in the country for the next two years, ...

Thursday's budget will include the speedier construction of residential properties, the construction of affordable housing units, as well as loans and funding for co-op housing. There is no cost attached to this foreign buyer measure yet. Permanent residents, foreign workers and students will be excluded from this new measure.

(Bloomberg) — Canada will ban most foreigners from buying homes for two years and provide billions of dollars to spur construction activity in an attempt ...

The Canadian Real Estate Association announced a pilot project Wednesday to display offers in real time on properties listed on its own listing website, Realtor.ca. Yet the government plans other measures that could potentially boost demand, ostensibly to help new home buyers. Home prices in Canada have soared more than 50% over the past two years.

According to reports, a ban on foreign buyers will be unveiled in tomorrow's Federal Budget, along with other housing spending measures.

As the new policy would be legislated, the government would be able to enact judicial powers to crack down on non-compliance. Another high-profile aspect of tomorrow’s budget, according to CTV, is the introduction of a new “tax-free First Home Savings Account” expected to help first-time homebuyers under the age of 40 in Canada save up to $40,000 toward their first purchase. However, it will not extend to foreign nationals purchasing a primary residence in Canada, permanent residents, or foreign workers and students.