\n
Canada, in 2023, is closing its doors to Nigerians and other foreigners who intend to buy residential properties for the next two years according to a new law that took effect on January 1.<\/p>\n
The \u2018Prohibition on the Purchase of Residential Property by Non-Canadians Act\u2019 was enacted to lower residential property prices, thought to have risen sharply due to foreigners buying the homes as investments and leaving locals with no choice but to purchase at exorbitant prices.<\/p>\n
\u201cThe desirability of Canadian homes is attracting profiteers, wealthy corporations, and foreign investors,\u201d Prime Minister Justin Trudeau\u2019s Liberal Party wrote on its website.\u00a0<\/p>\n
It added, \u201cThis is leading to a real problem of underused and vacant housing, rampant speculation, and skyrocketing prices. Homes are for people, not investors.\u201d In cities like Vancouver and Toronto, taxes have been introduced to non-residents and vacant properties to deter foreign investors and make housing costs affordable for locals.<\/p>\n
The new law, however, makes exceptions for immigrants and permanent residents, allowing them to own residential properties.\u00a0 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).
The association worried Canadians could suffer should countries like the U.S. and Mexico pass a similar law in retaliation.\u00a0
\u201cCanadians purchase vacation and residential properties in many countries, but particularly in the United States,\u201d noted CREA.<\/p>\n
The group asserted that many locals who buy properties abroad to escape Canada\u2019s cruel winter might be the ones to bear the brunt of the new law.
\u201cThese provide Canadians with a place to spend the winter months and are a form of savings for Canadian retirees,\u201d asserted CREA. \u201cIf Canada places a ban on Americans owning property in Canada, we should expect them to respond in kind.\u201d<\/p>\n<\/div>\n
));\/**\/<\/script><\/script><\/p>\n","protected":false},"excerpt":{"rendered":"
Canada, in 2023, is closing its doors to Nigerians and other foreigners who intend to buy residential properties for the next two years according to a new law that took effect on January 1. The \u2018Prohibition on the Purchase of Residential Property by Non-Canadians Act\u2019 was enacted to lower residential property prices, thought to have […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[],"class_list":["post-1094","post","type-post","status-publish","format-standard","category-nollywood"],"yoast_head":"\n
Canada slams a ban on Nigerians, others from buying residential houses - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2023\/01\/03\/canada-slams-a-ban-on-nigerians-others-from-buying-residential-houses\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Canada slams a ban on Nigerians, others from buying residential houses - Ghanamma.com\" \/>\n<meta property=\"og:description\" content=\"Canada, in 2023, is closing its doors to Nigerians and other foreigners who intend to buy residential properties for the next two years according to a new law that took effect on January 1. The \u2018Prohibition on the Purchase of Residential Property by Non-Canadians Act\u2019 was enacted to lower residential property prices, thought to have […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.ghanamma.com\/2023\/01\/03\/canada-slams-a-ban-on-nigerians-others-from-buying-residential-houses\/\" \/>\n<meta property=\"og:site_name\" content=\"Ghanamma.com\" \/>\n<meta property=\"article:published_time\" content=\"2023-01-03T13:45:19+00:00\" \/>\n<meta name=\"author\" content=\"Ghana News\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Ghana News\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.ghanamma.com\/2023\/01\/03\/canada-slams-a-ban-on-nigerians-others-from-buying-residential-houses\/\",\"url\":\"https:\/\/www.ghanamma.com\/2023\/01\/03\/canada-slams-a-ban-on-nigerians-others-from-buying-residential-houses\/\",\"name\":\"Canada slams a ban on Nigerians, others from buying residential houses - Ghanamma.com\",\"isPartOf\":{\"@id\":\"https:\/\/www.ghanamma.com\/2023\/#website\"},\"datePublished\":\"2023-01-03T13:45:19+00:00\",\"dateModified\":\"2023-01-03T13:45:19+00:00\",\"author\":{\"@id\":\"https:\/\/www.ghanamma.com\/2023\/#\/schema\/person\/6f91dab2e50bbbfe895c93e7e84e7f74\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.ghanamma.com\/2023\/01\/03\/canada-slams-a-ban-on-nigerians-others-from-buying-residential-houses\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.ghanamma.com\/2023\/01\/03\/canada-slams-a-ban-on-nigerians-others-from-buying-residential-houses\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.ghanamma.com\/2023\/01\/03\/canada-slams-a-ban-on-nigerians-others-from-buying-residential-houses\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.ghanamma.com\/2023\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Canada slams a ban on Nigerians, others from buying residential houses\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.ghanamma.com\/2023\/#website\",\"url\":\"https:\/\/www.ghanamma.com\/2023\/\",\"name\":\"Ghanamma.com\",\"description\":\"Ghana mma provides breaking news, top stories in Ghana, Africa, business, entertainment, politics and more.\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.ghanamma.com\/2023\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.ghanamma.com\/2023\/#\/schema\/person\/6f91dab2e50bbbfe895c93e7e84e7f74\",\"name\":\"Ghana News\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.ghanamma.com\/2023\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/22cb97c2b08df229330efb2b8c2645feaae8d3ca3ee434035fbb668b5b82f570?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/22cb97c2b08df229330efb2b8c2645feaae8d3ca3ee434035fbb668b5b82f570?s=96&d=mm&r=g\",\"caption\":\"Ghana News\"},\"sameAs\":[\"https:\/\/www.ghanamma.com\/2023\"],\"url\":\"https:\/\/www.ghanamma.com\/2023\/author\/ghanamma\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Canada slams a ban on Nigerians, others from buying residential houses - Ghanamma.com","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.ghanamma.com\/2023\/01\/03\/canada-slams-a-ban-on-nigerians-others-from-buying-residential-houses\/","og_locale":"en_US","og_type":"article","og_title":"Canada slams a ban on Nigerians, others from buying residential houses - Ghanamma.com","og_description":"Canada, in 2023, is closing its doors to Nigerians and other foreigners who intend to buy residential properties for the next two years according to a new law that took effect on January 1. The \u2018Prohibition on the Purchase of Residential Property by Non-Canadians Act\u2019 was enacted to lower residential property prices, thought to have […]","og_url":"https:\/\/www.ghanamma.com\/2023\/01\/03\/canada-slams-a-ban-on-nigerians-others-from-buying-residential-houses\/","og_site_name":"Ghanamma.com","article_published_time":"2023-01-03T13:45:19+00:00","author":"Ghana News","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Ghana News","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.ghanamma.com\/2023\/01\/03\/canada-slams-a-ban-on-nigerians-others-from-buying-residential-houses\/","url":"https:\/\/www.ghanamma.com\/2023\/01\/03\/canada-slams-a-ban-on-nigerians-others-from-buying-residential-houses\/","name":"Canada slams a ban on Nigerians, others from buying residential houses - Ghanamma.com","isPartOf":{"@id":"https:\/\/www.ghanamma.com\/2023\/#website"},"datePublished":"2023-01-03T13:45:19+00:00","dateModified":"2023-01-03T13:45:19+00:00","author":{"@id":"https:\/\/www.ghanamma.com\/2023\/#\/schema\/person\/6f91dab2e50bbbfe895c93e7e84e7f74"},"breadcrumb":{"@id":"https:\/\/www.ghanamma.com\/2023\/01\/03\/canada-slams-a-ban-on-nigerians-others-from-buying-residential-houses\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.ghanamma.com\/2023\/01\/03\/canada-slams-a-ban-on-nigerians-others-from-buying-residential-houses\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.ghanamma.com\/2023\/01\/03\/canada-slams-a-ban-on-nigerians-others-from-buying-residential-houses\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.ghanamma.com\/2023\/"},{"@type":"ListItem","position":2,"name":"Canada slams a ban on Nigerians, others from buying residential houses"}]},{"@type":"WebSite","@id":"https:\/\/www.ghanamma.com\/2023\/#website","url":"https:\/\/www.ghanamma.com\/2023\/","name":"Ghanamma.com","description":"Ghana mma provides breaking news, top stories in Ghana, Africa, business, entertainment, politics and more.","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.ghanamma.com\/2023\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.ghanamma.com\/2023\/#\/schema\/person\/6f91dab2e50bbbfe895c93e7e84e7f74","name":"Ghana News","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.ghanamma.com\/2023\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/22cb97c2b08df229330efb2b8c2645feaae8d3ca3ee434035fbb668b5b82f570?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/22cb97c2b08df229330efb2b8c2645feaae8d3ca3ee434035fbb668b5b82f570?s=96&d=mm&r=g","caption":"Ghana News"},"sameAs":["https:\/\/www.ghanamma.com\/2023"],"url":"https:\/\/www.ghanamma.com\/2023\/author\/ghanamma\/"}]}},"_links":{"self":[{"href":"https:\/\/www.ghanamma.com\/2023\/wp-json\/wp\/v2\/posts\/1094","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ghanamma.com\/2023\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ghanamma.com\/2023\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2023\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2023\/wp-json\/wp\/v2\/comments?post=1094"}],"version-history":[{"count":0,"href":"https:\/\/www.ghanamma.com\/2023\/wp-json\/wp\/v2\/posts\/1094\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.ghanamma.com\/2023\/wp-json\/wp\/v2\/media?parent=1094"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2023\/wp-json\/wp\/v2\/categories?post=1094"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2023\/wp-json\/wp\/v2\/tags?post=1094"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}