Nigerians, Other Foreigners Banned from Buying Homes in Canada

A new Canadian law has banned foreigners from buying homes in the country for two years.

The law, which took effect on January 1, was passed because of a spike in home prices in Canada since the start of the COVID pandemic.

There are also beliefs that foreign buyers were snapping up a supply of homes as investments, which led to the surge in prices.

The ban prohibits non-Canadian citizens or temporary residents from buying residential properties, and imposes a C$10,000 fine on offenders.International students who have been in the country for at least five years, refugee claimants, and people with temporary work permits are excluded.

Non-Canadian citizens who have spouses that are citizens of the country are also excluded from the ban.

Ahmed Hussen, federal housing minister, said the ban is meant to discourage buyers from looking at homes as commodities instead of a place to live and grow a family.