Canada Bans Nigerians, Others from Purchasing Property for 3 Years
- The Canadian government announced plans to limit ownership of houses to Canadians
- The move will reportedly affect Nigerians and other foreigners in the country as housing crisis escalates
- This comes amid the housing deficit in Canada, which has seen a decline in owner-occupied homes
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Canadian authorities have extended the two-year ban on foreigners’ ownership of houses due to affordability challenges.
The ban, previously set to expire on January 1, 2025, has now been extended to January 1, 2027.
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Non-Canadians excluded from owning homes
Before the extension, non-Canadians, including Nigerians, were not eligible to own houses in the country.
A statement from the Department of Finance said that foreign commercial businesses and non-Canadians or permanent residents will continue to be barred from purchasing residential property in the country.
The development comes amid the housing crisis in the country.
According to reports, between the two Canadian censuses in 2016 and 2021, the number of Canadians living in owner-occupied homes dropped from 69% to 66.5%, the lowest number since 2022.
The government said it was trying to build more homes faster and put home ownership back within reach for more Canadians.
Canada’s deputy prime minister, Chrystia Freeland, said by extending the foreign buyer ban, the country would ensure houses are used as homes for Canadian families to live in and do business and not become a speculative financial assets class.
He said:
“The government is intent on using all possible tools to make housing more affordable for Canadians across the country.”
The government enacted the Prohibition on the Purchase of Residential Property by the Non-Canadians Act in 2022 to bar international investors from acquiring residential property in the country and ensure the housing market remains available for indigenous people.
The new policy hopes to usher in mortgage hopes as Canada welcomes a record-breaking 485,000 new permanent residents in 2024.
Canada moves to cut down on foreign students
The Canadian government recently announced plans to set a two-year limit on the intake of international students from 2024 to control its population and address the housing deficit in the country.
The new policy bars the issuance of work permits to postgraduate students upon graduation.
The need to cap the number of international students was due to the surge in the housing crisis.
Canada announces changes to temporary foreign workers scheme
Legit.ng reported that Canada’s immigration minister, Marc Miller, disclosed that the country may impose restrictions on temporary foreign workers beginning in January 2024 to manage population growth and the housing crisis in the country.
The reforms would affect international students, including Nigerians and other foreign workers.
Miller announced this during a press briefing as he unveiled plans to limit the entry of temporary foreign workers into the country.
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Source: Legit.ng
