Real estate move from Canada: They stopped selling to foreigners because it raises prices

Canada enacts a law that prevents foreign investors from buying real estate in the country…

Recently, especially after Chinese and Indian investors invested in real estate in different parts of Canada, the authorities took steps to prevent prices from rising.

After the median home price jumped to $800,000, Prime Minister Justin Trudeau banned foreign investors from buying real estate.

With the law that came into force as of Sunday, the sale of homes to foreigners in 10 regions of the country was stopped. The bill, which passed parliament in June, stands out as the most important element of Trudeau’s action plan to reduce house prices.

House prices in Canada have increased by 38 percent in the last 3 years, and this increase has been interpreted as a historic increase for the country.