Canada is set to impose a ban on Nigerians and other nationals from buying homes for a period of two years due to the persistent increase in prices of real estate properties across the country.
As reported by Bloomberg, the ban will help Canada provide billions of dollars to trigger construction activity in an effort to stabilize the surging real-estate market.
According to Bloomberg, a trusted source revealed that the ban would be contained in the Finance Minister Chrystia Freeland’s budget.
Also, the source said the ban on foreign buyers will not apply to students, foreign workers or foreign citizens who are permanent residents of Canada.
The move is a sign that Prime Minister Justin Trudeau is getting more assertive about controlling Canada’s expensive housing markets and that the Canadian government is showing more concern about the political backlash to inflation and the increasing housing cost.
Over the past two years, home prices in Canada have gone up above 50%. The market witnessed a record monthly increase in February as buyers proactively acted ahead of rate increases by the Bank of Canada, which moved the benchmark price of a home to C$869,300.
