By Spy Uganda Correspondent
According to the international news platforms, the ban would be contained in Finance Minister Chrystia Freeland’s budget today, according to a person familiar with the matter who asked not to be named because the matter is private.
However, the foreign-buyer ban won’t apply to students, foreign workers, or foreign citizens who are permanent residents of Canada, the source said.
The move signals that Prime Minister Justin Trudeau is becoming more assertive about taming one of the developed world’s most expensive housing markets — and that the government is growing more concerned about the political backlash to inflation and the rising cost of housing.
Home prices in Canada have soared more than 50% over the past two years. The market saw a record monthly increase in February as buyers acted ahead of rate increases by the Bank of Canada, taking the benchmark price of a home to C$869,300 ($693,000).
Canada, one of the top destinations for Africans, has witnessed an upsurge of global immigrants of late including Ugandans in their 20s and 30s.
The Canadian Government had also said it targets receiving 1.2 million immigrants from 2021 to 2023 in order to make up for a shortfall caused by the COVID-19 pandemic.
