Ottawa, April 8 (AP)
Canadian Prime Minister Justin Trudeau’s government announced on Thursday it would ban foreigners buying homes in Canada. Finance Minister Chrystia Freeland took a slew of measures to quell demand as she announced the federal budget for the year, amid speculation of a record hike in house prices. The government has announced a two-year ban on buying a home and a higher tax on foreigners who sell their homes within a year. However, both moves contain a number of exceptions, including some exemptions to permanent residents and foreign students. The budget also includes a slew of measures to help Canadians trying to get into the market for new housing, including a new savings account and changes to the ‘tax credit’ for first-time home buyers. The government is under pressure due to over 20 per cent hike in prices last year and rental rates too.