Why Canada dey ban foreigners from buying house
Wia dis foto come from, Getty Images
One two-year ban on foreigners to buy house for Canada don start.
Di ban na to comot pressure for one di most unaffordable housing markets for world.
From dis summer, di average home price for Canada na C$777,200 ($568,000; £473,700), dis na more than 11 times di average household income afta taxes.
Some no like di ban say e no clear how e go affect Canada housing market.
Non-Canadian residents no reach 6% of homeowners for Ontario and British Colombia wia national statistics tok say price of houses na di highest.
From January 1, di ban no go allow pipo wey no be Canadian citizens or permanent residents to buy residential property, and any one wey buy go pay C$10,000 fine.
For late December, like 11 days before di ban start, di Canadian goment announce say exceptions dey for di case.
Di regulation go allow for international students wey don dey di kontri for at least five years, pipo wey dey claim refugee status and pipo wey get temporary work permits to still fit buy house within dis period
End of Di one wey oda users dey read well well
For statement, federal housing minister Ahmed Hussen say di ban na to stop buyers to buy hose like product instead of place to live for and grow family.
Oga Hussen tok say, "wit dis legislation, we dey take actions to make sure say Canadians own houses, for di benefit of every one wey dey live for dis kontri."
Wia dis foto come from, Getty Images
As housing prices for Canada reduce small for 2022, e still high pass ten years ago.
Housing prices bin rise 48% last year compared to 2013 wen di average price of house na C$522,951.
But di average household income for Canadians bin dey struggle to meet di rising house prices.
Di latest data show say di average afta tax take home money grow 9.8% form 2015 to 2020.
Dis numbers don make di Canada housing market as one of di most affordable for world, wey make dem reach above New Zealand, di US and di UK, according to one Statista analysis for house price to income ratios.
Di average home price for two of Canada largest cities, Toronto and Vancouver wey enta di C$1m mark, and most times dey put dem for di list of top 10 most unaffordable cities for world.
New Zealand bin pass dat kain legislation wey ban foreign homebuyers for 2018 as di kontri bin dey face dia own housing affordability crisis.
But di inflation adjusted house price still dey increase afta di ban start.
Oda kontris don bring different measures to pause foreign homeownership wey be to get restricted zones wia non-residents no fit buy homes, or create specific fees for foreign buyers.
