Nigerians and other foreigners will be barred from purchasing homes in Canada for two years as real estate prices skyrocket in the North American country.
According to Bloomberg, the legislation will help the country provide billions of dollars to spur construction activity in an attempt to cool off a soaring real-estate market.
According to the worldwide news site, the prohibition would be included in Finance Minister Chrystia Freeland’s budget today, according to a source familiar with the situation who did not want to be identified because the topic is confidential.
According to the source, the ban on foreign buyers will not apply to students, foreign workers, or foreign citizens who are permanent residents of Canada.
The move indicates that Prime Minister Justin Trudeau is getting more forceful about managing one of the most expensive property markets in the industrialized world — and that the government is becoming more concerned about the electoral fallout from rising home costs and inflation.
Over the last two years, home prices in Canada have increased by more than 50%. In February, the market saw a record monthly increase as purchasers responded ahead of the Bank of Canada raising interest rates, bringing the benchmark price of a home to C$869,300 ($693,000).
Nigerians in their 20s and 30s who relocated after the #EndSARS protests in October 2020 have flocked to Canada, which is one of the most popular destinations for Nigerians.
The Canadian government has also stated that it plans to receive 1.2 million immigrants between 2021 and 2023 to make up for the COVID-19 pandemic’s shortage.
