Reports coming out of the Great White North is that Canada is set to ban Nigerians and other foreigners from buying homes for the next two years.
This comes as there is a meteoric rise in real estate properties in the country. The measure is viewed as a strategic mitigation plan for the country to boost construction activity by stemming the surging reql estate market.
Bloomberg reported that this decision could yield billions of dollars for the construction sector of Canada. The ban has been included in the budget of Chrystia Freeland, the Finance Minister of Canada
This ban will not apply to students, foreign workers or foreign citizens who hold a Canadian Permanent Residency.
Cqnada has one of the most expensive housing markets in the first world and there are growing concerns about the political backlash emanating from inflation and the rising home prices.
Prices of homes in Canada have risen by over 50% in just two years. February witnessed a record monthly increase as buyers preemptively acted agead of the increase in rates by the Bank of Canada.
The benchmark home prices rose to around 870,000 Canadian Dollars.
Canada remains a popular destination for immigrants, including Nigerians seeking to leverage on the several migration pathways including Study Visas, Express Entry and Provincial Nomination Program.
