"Canada's Foreign Homebuyer Ban Impacts Luxury Real Estate and Strains Rental Market

Canada's foreign homebuyer ban, intended to stabilize the housing market post-COVID-19, is causing a decline in luxury home sales in Toronto, with the market experiencing longer sell times. While the act has exceptions for certain types of buyers, professionals still face hurdles due to provincial taxes, making property investment expensive and cumbersome. This, in turn, has discouraged high-net-worth professionals, including athletes and executives, from purchasing homes, instead opting to rent. This shift has further strained Toronto's rental housing supply. Critics argue that such policies could harm Canada's global reputation and potentially lead to retaliatory measures from trading partners. More information: https://financialpost.com/real-estate/foreign-homebuyer-ban-discouraging-athletes-executives-canada