Canadian Prime Minister Justin Trudeau’s ban on foreign homebuyers is making it harder to build new housing, Canadian developers say.
Canadian Prime Minister Justin Trudeau’s ban on foreign homebuyers is making it harder to build new housing, Canadian developers say.
“I can’t believe the intention was to limit supply,” he said. “People just don’t believe that this could be happening.” The government's policy is intended to temporarily prohibit “speculative foreign investment in the Canadian housing market” and it is considering “potential additional steps to ensure this measure does not have unintended impacts on communities,” according to a statement from Housing Minister Ahmed Hussen’s office that did not elaborate on what steps could be taken.
Margulies said he has foreign developer clients who have stopped pursuing new residential projects, and even companies with only minority foreign ownership are stuck on the sidelines.
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