Canada is set to ban Nigerians and other foreigners from
buying homes for two years as prices of real estate properties soar in the
North American country.
The measure will help the country provide billions of
dollars to spur construction activity in an attempt to cool off a surging
real-estate market, Bloomberg reported Thursday.
According to the international news platform, the ban would
be contained in Finance Minister Chrystia Freeland’s budget today, according to
a person familiar with the matter who asked not to be named because the matter
is private.
However, the foreign-buyer ban won’t apply to students,
foreign workers or foreign citizens who are permanent residents of Canada, the
source said.
The move signals that Prime Minister Justin Trudeau is
becoming more assertive about taming one of the developed world’s most
expensive housing markets — and that the government is growing more concerned
about the political backlash to inflation and the rising cost of housing.
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).
Canada, one of the top destinations of Nigerians, has
witnessed an upsurge of global immigrants of late including Nigerians in their
20s and 30s who relocated after the #EndSARS protests in October 2020.
The Canadian Government had also said it targets receiving
1.2 million immigrants from 2021 to 2023 in order to make up for a shortfall
caused by the COVID-19 pandemic.
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