By By: Sola Omoniyi
Nigerians will no longer be able to buy properties in Canada
The Canadian government has imposed a ban on residential properties being sold to Nigerians and other foreigners as investments. The ban came into effect on Sunday, January 1, 2023.
The prohibition on the purchase of residential property by non Canadians act was enacted to reduce property prices which have risen due to foreigners buying homes as investment.
According to a report by CNN, the new ban has an exception for immigrants and permanent residents of Canada, who are not citizens.
“This is leading to a real problem of under-used and vacant housing, rampant speculation, and skyrocketing prices. Homes are for people, not investors,” the campaign site read.
However, the steep rise in home prices in 2020 and 2021 was already reversed in 2022, well before the law took effect.
Average home prices from more than $590,000 at the beginning of 2022 have significantly dropped to $465,000, according to the Canadian Real Estate Association (CREA).
