Canada real estate: Trudeau propose ban for foreign buyers of real estate
Wia dis foto come from, Getty Images
Canada Prime Minister Justin Trudeau don propose to ban foreigners to fit buy houses for di kontri for di next two years.
Dis na as di kontri dey try to handle some of di worst wahala of affordable housing.
Prices don jump pass 20% wey push di average price of houses dem for Canada to almost C$817,000 ($650,000; £495,000), wey be nine times di amount of money di average household dey make.
Oga Trudeau bin promise to handle di mata of housing affordability during im campaign for di election last year.
Wetin be di plan of di proposal?
Trudeau present dis budget proposal on Thursday and togeda wit di temporary ban for foreign buyers, di proposal wan put billions for side to ginger new construction and wan bring new programmes like tax free savings accounts for pipo wey dey buy dia first house.
Di proposed ban on foreign buyers howeva no go affect permanent residents, foreign students and workers, and di pipo wey dey buy house wey dem wan live fully.
Wetin Sabi pipo on top housing tink about di mata
Wia dis foto come from, Getty Images
Sabi pipo for di industry say e no clear weda di ban on foreign buyers go address di wahala.
Di information on how many foreigners dey buy houses for Canada no dey plenti, but research say dem ammount to small fraction of di market.
End of Di one wey oda users dey read well well
Ben Myers wey be di president of di advisory company, Bullpenn Research & Consulting in Toronto bin find out say foreigners na only 1% of pipo wey buy houses for 2020 wey reduce from di 9% for 2015 and 2016.
Oga Myers say, "I no tink say e go get big impact. Di pipo wey really wan buy go find way to do am".
E say di high cost of housing na sake of di rate of population growth and di shortage in supply, part of which dey because of rules wey dey reduce development.
Dis issues go from bad to worse since di pandemic for 2020 wen Canada policymakers bin slash interest rates to stabilise di economy.
Di policy reduce borrowing cost wey make house demand increase even more.
According to OECD data, di gap between home prices and incomes for Canada na one of di most dramatic for di world.
