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Canada extends ban on foreigners buying property what it means for South African emigrants

Source: Businesstech, 10/02/2024

Canada has extended its ban on foreigners buying residential property, but South Africans living in the North American country should not worry.
In 2022, the Canadian government passed the Prohibition on the Purchase of Residential Property by the Non-Canadians Act to stop foreign investors from buying residential property in Canada. This was intended to ensure that Canadian citizens were not priced out of the housing market.
Chrystia Freeland, the Canadian Deputy Prime Minister and Minister of Finance, said that the government now intends to extend the ban by an additional two years.
The ban on foreign ownership of Canadian housing will thus be extended from January 1, 2025 to January 1, 2027.
“By extending the foreign buyer ban, we will ensure houses are used as homes for Canadian families to live in and do not become a speculative financial asset class. The government is intent on using all possible tools to make housing more affordable for Canadians across the country,” Freeland said.
South African emigrants should not worry
However, South Africans living in Canada should not fear the ban, as it only targets foreign commercial enterprises and people who are not Canadian citizens or permanent residents.
Thus, the 51,190 South Africans living in Canada (according to the latest Canadian Census data) will not be barred from buying property in the North American country as per the ban.
Not only is Canada a highly popular destination for South African emigrants, but it is also in need of skilled workers.
With one of the world’s oldest populations and lowest birth rates, Canada desperately needs skilled workers from other nations to maintain and grow its economy.
South Africans have historically scored highly in the popular Express Entry Program for skilled workers (which gives permanent residency) due to strong language skills, the likelihood of obtaining skilled work, and the higher education they may have completed when they were younger.

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