Canada imposes two-year ban on foreigners purchasing homes

Canada’s new budget comes with a two-year ban on foreigners purchasing Canadian homes.

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The Trudeau government is hoping to cool down the housing market by imposing a two-year ban on foreigners purchasing Canadian homes. 

Experts say the measure is unlikely to help Canadians access housing, as less than 5% of homes in hot markets such as Toronto and Vancouver are owned by foreigners. 

In the last year, Canadian home prices have increased by 20%.

The average home price in Canada in February was $816,720, nearly double what it was when Justin Trudeau became prime minister. 

The home price index has reached its highest level ever recorded. 

The Trudeau government is also creating a new tax-free savings account for Canadians to use in the purchase of their first home. 

Canadians will be allowed to contribute up to $8,000 yearly to the account, up to a maximum lifetime contribution of $40,000.

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