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How Canada’s Temporary Ban Could Affect You

Residential estate purchase ban concept

The real estate market changes get new bans and trends that affect the entirety. There are different types of bans that the province and government can do on the market. There have been permanent bans in the real estate market to fix the problem, however, quite recently, there was a temporary ban on foreign purchases of residential estate. This temporary ban is quite controversial and has already affected hundreds of people. Is it going to decrease the number of immigrants living here? Highly unlikely. Multiple experts are theorizing the major effects it could have, with all the new immigrants, how is this going to affect us now?

What does this ban mean for immigrants?

In different words, a residential real estate ban is banning any purchases of real estate with less than three units. To be able to purchase for the next two years, immigrants must get citizenship. However, there are exemptions to this which you can read below.

Refugee family with children illustration

Does anyone have an exemption for the residential estate purchase ban?

As with other bans in the past, there is a category of people to whom this ban doesn’t apply to. Foreign students that have been here paid taxes, and have an authorized program can still purchase a residential estate.

Workers who are currently getting permits can purchase estate as people would normally because this temporary ban went into place.

However, it’s not specific to people who have an exemption any estate worth less than 500k gets exempted, and outside cities with at least 10k people living there. This allows more of those low populations to gain more population and make living areas more equal out

When is residential real estate ban going to last?

The temporary ban is going to affect multiple people, as it has been going on since January 1 and is continuing for two years. However, we are going to see the results of how it has affected immigrants and if they have reached their goal of tourists, etc. According to that, it could affect the duration of the ban.

Estate purchase graphs and magnifying glass on table

Overall, this temporary ban may affect many people, although, in the eyes of the associations, the value was already half a cent, so decreasing it to zero is a minimal drop.