The law is intended to solve the housing crisis that is plaguing Canada.
Temporary the planned law restricting the possibility of foreigners to buy apartments in Canada has been extended, said the country's finance minister Chrystia Freeland according to Canadian media on Sunday.
The law was first reported in 2022, and at that time it was supposed to be in force for two years. However, Freeland told the Canadian Broadcasting Corporation on Sunday CBC's according to which the law will be extended at least until the beginning of 2027.
The law prevents foreign people and companies from buying residential real estate in Canada. The law does not apply to all international students, immigrants or people temporarily working in the country.
“By extending the law, we're making sure that Canadian families are able to use houses as homes,” Freeland said, according to the CBC.
By law has sought to address the housing market crisis in Canada, where homes have ended up with investors, and rising prices have prevented Canadians from buying homes. Some of the apartments have also stood unoccupied.
The housing crisis has also been affected by the huge migration to Canada. In 2023, Canada's population will increase by about one million people. The population rose above the 40 million mark for the first time.
The population growth is due to both immigration and people who moved to Canada for studies. In January, Canada decided to limit the number of student visas and the number of post-study work visas, reports news agency Reuters.
Experts have criticized the real estate law for the fact that its impact on the housing crisis may be minor. According to the CBC, only a small percentage of Canadian residential real estate is owned by foreigners. For example, in British Columbia, only 1.1 percent of home sales in 2021 involved a foreign buyer. In the entire country, only a few percent of apartments are owned by foreigners.
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