Canada prohibits foreign investors from buying a home. Portugal is even more inaccessible
Canada bars buying homes from foreign investors to curb speculation. Country is one of the most inaccessible housing in the world. Even so, it is behind Portugal.
Canada kicked off the new year with a law preventing foreigners from buying homes. The observation, presented by the Liberal Government of Justin Trudeau last April and approved by Parliament in June, entered into force on January 1 and is expected to last for two years. It aims to mitigate the accelerated increase in housing prices, alleviating what is one of the most inaccessible real estate markets in the world, where, according to the BBC, the medical price of a house is 11 times higher than the average family income after taxes.
People who do not have Canadian citizenship or are not permanent residents are prohibited from purchasing residential properties, with some exceptions, including international students who have been in the country for at least five years, workers who have filed tax returns in Canada in three of the four years prior to purchase, diplomats or transitional persons to international organizations living in Canada and foreigners with temporary residence permits, including asylum seekers and refugees.