The Canadian government will ban foreign homebuyers for two years, AP reported Monday.
Why it matters: Canada’s housing market is one of the hottest in the world, with prices jumping by more than 20% last year, per the CBC.
Details: The ban is aimed at “[c]urbing unfair practices that drive up the price of housing, in order to level the playing field for young and middle-class Canadians,” according to a news release from Trudeau’s office.
- Some exceptions will be made for permanent residents and foreign students.
- The government will also impose higher taxes on people who sell their home within a year.