Blow to British Expats as Trudeau Extends Ban on Buying Homes

www.express.co.uk

In a blow to British expats, Canadian Prime Minister Justin Trudeau extended a ban on foreign nationals and Britons buying homes anywhere in Canada. Supporting this declaration, Canadian finance minister Chrystia Freeland added that with this foreign buyer ban, the government would like to ensure houses are being used as homes for Canadian families not as speculative financial assets.

However, there is a relaxation in restrictions for foreign students and temporary workers. The Canadian government confirmed that only asylum seekers, especially foreigners like international students and temporary workers, could purchase residential properties to use for their homes in Canada until 2027.   

It is a great blow to thousands of Britons or British expats living in Canada. With this suspension, the Canadian government wants to stop the inflation of house prices in Canada.  The Canadian government is determined to use all possible tools and vigilance measures to make buying residential properties across the country more affordable and convenient for Canadians.

As per records, nearly 650,000 British expats living in Canada without permanent residency own a second home in Canada or seek properties to purchase will be identified and fined by the ban. The fine amount could reach up to C$10,000 (£5,890). Purchasing a property as a British expat and falling foul of the rules must undergo a monetary fine and compulsory selling. Therefore, British people or Britons planning to Canada from the UK must obtain Canadian citizenship. They must be permanent residents of Canada to purchase a property there. The moratorium is applicable for foreign commercial enterprises and non-Canadians.

The Canadian government brought this ban on January 1, 2023, through a discussion and agreement in 2022. It became effective on January 1, 2023, and was confirmed to continue for 2 years. As it is going to expire at the start of 2025, the Canada government has decided to extend the ban until January 2027.