Canada’s government has relaxed a law that temporarily bans foreigners from purchasing homes in the country in the hope of boosting housing supply.
The law, which came into effect on January 1, blocks non-Canadians from buying residential properties until the end of 2024 in an effort to improve home affordability after prices soared.
The government this week softened the restriction, allowing foreigners with Canadian work permits to buy homes. It also removed the prohibitions if buyers are purchasing vacant land or buying a property in order to develop it.
Some provinces levy a tax on non-Canadian buyers to give citizens an upper hand in bidding wars.