Why Canada prohibits Nigerians from purchasing property
Recently, the Canadian government imposed a two-year restriction on Nigerians and other foreign people purchasing residential property in the country.
According to reports, the measure, which went into effect on January 1, 2023, was a response to soaring real estate prices in Canada, which some lawmakers ascribe to foreign purchasers and investors pushing up demand and supply.
According to Prime Minister Justin Trudeau and the Liberal Party, Canadian homes have become desirable to profiteers, affluent corporations, and foreign investors, resulting in concerns such as vacant and underutilized property, speculation, and price increases.
The temporary ban, dubbed as the Prohibition on the Purchase of Residential Property by Non-Canadians Act, was suggested by Trudeau during the 2021 election campaign as a means of addressing these challenges and making home ownership more accessible to Canadians.
While the ban applies to urban residences, it does not include recreational properties such as summer cottages. In addition, non-citizen immigrants and permanent residents of Canada are exempt from the statute.
In addition to the national prohibition, large metropolitan areas such as Vancouver and Toronto have enacted taxes on non-resident and vacant properties.
These policies are intended to alleviate the growing real estate prices and restricted housing supply in these locations.
Overall, the Canadian government’s decision to prohibit Nigerians and other foreign nationals from purchasing residential real estate is an effort to combat growing real estate prices and guarantee that homes are for people, not investors.
Despite the transitory nature of the prohibition, it remains to be seen how effective it will be in achieving its objectives.
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