Liberal Government Of Canada Bars Foreigners From Buying Residential Properties In Cities

On Sunday, Prime Minister Justin Trudeau imposed a temporary two-year moratorium on foreigners buying residential property in Canada. The Canadian government wants to make more homes available for locals facing a housing crunch. But refugees and others are allowed to buy homes under exceptional conditions

HIGHLIGHTS

• The liberal government of Canada imposes a temporary two-year ban on foreigners buying residential properties
• It was a poll promise made during the 2021 election campaign
• Other markets have also imposed taxes on non-residents and empty homes

What Is The New Act Barring Foreigners From Buying Residential Properties In Canada?

The Liberal government enacted the Prohibition on the Purchase of Residential Property by the Non-Canadians Act following their victory in the 2021 elections. They had promised more homes for locals during the elections. It is a temporary two-year ban on foreigners buying residential properties in Canada but refugees and permanent residents who are not citizens are allowed to buy homes as exceptions. Also, the government clarified that the ban will apply to city homes and not to recreational properties like summer cottages. Also, cities like Vancouver and Toronto have introduced taxes on non-residents and empty homes.

Barring Foreigners From Buying Residential Properties In Canada

Why Is The Condition Of the Real Estate Market In Canada?

The Liberal party said during their election campaign that The desirability of Canadian homes was attracting profiteers, wealthy corporations, and foreign investors. That was leading to a real problem of underused and vacant housing, rampant speculation, and skyrocketing prices. Homes were for people, not investors.

According to the Canadian Real Estate Association, average home prices at the start of 2022 were more than Can$800,000 (USD 590,000) but the prices … Read the rest

Top 10 Real Estate Firms In India

The Indian real estate market has huge potential to grow. There are many places that are yet to be fully developed and there are many real estate companies involved in the development work.

Here’re the top 10 real estate development firms credited for developing malls, shopping centers, upscale residential areas and the Smart Cities in India.

1.DLF

With presence in over 24 major cities including Delhi NCR, DLF tops the list of real estate companies in India. It has been in the construction business for over 70 years.But it is known for bringing a positive shift in the Indian retail sector – developing malls and retail space.

2. Unitech

Unitech is associated with making luxurious projects across the length and breadth of the country. This company has diversified operation in the real estate industry but recently it got strict reprimand from the Supreme Court for failing deliver a high-end residential project Burgandy in the NCR.

3. Supertech

Supertech has been ruling the real estate sector from 25 years with designer homes like “Supernova” designed by Armani/Casa. With a strong presence in the North India, this company has some big plans for expansion. But recently it drew flak from the Supreme Court that asked the National Building Construction Corporation to check whether the company has flouted rules to construction “Emerald Towers” in Noida and encroached upon green belt.

4. Omaxe

Omaxe surprised the real estate players with its striking presence in over 30 cities in a very short span of time. And its projects have been highly appreciated by industry experts. Now the company is aiming to build affordable homes in North India.

5. Oberoi Read the rest