The Canadian law that entered into force on January 1 prohibits foreigners from buying residential real estate in the country for investment purposes – roadster.hu noted the CNN report.
The rule is valid until 2025, but it is possible that it will be extended. The law only applies to foreigners who have purchased Canadian real estate for investment purposes but do not live in the country. There is an exception to the rule for foreign nationals who reside in Canada as refugees or have their registered addresses.
In fact, however, in 2022 – that is, before the law comes into effect – the prices of Canadian residential real estate have already started to fall on their own, as Canada, like most countries in the Western world, is facing economic difficulties. Although their inflation rate is not as high as Hungary’s, it is also increasing (currently around 6-7 percent), and the central bank has raised interest rates. And that was enough to cool down their real estate market.