Trudeau Plans Ban on Foreign Buyers — Could It Happen Here?
The housing supply is so low in most of America that many buyers, frustrated with losing their bid on a home, are in many cases just giving up altogether on the homebuying process. And if bidding wars aren’t the reason for throwing in the towel, rising prices are making homes unaffordable, particularly for many first-time homebuyers.
Canadian homebuyers are experiencing a similar scenario, and Prime Minister Justin Trudeau has a plan. But will it work?
The Trudeau plan
To help alleviate the problem of domestic buyers being priced out of Canada’s housing market, Prime Minister Trudeau of the Liberal Party, as part of his re-election campaign platform, pledged to place a two-year temporary ban on foreign homebuyers, hoping this measure will lower housing prices by eliminating some of the competition for Canada homes.
It’s especially galling for Canadian citizens (as it would be for…