According to stakeholders, Canada’s decision to ban foreign real estate investors will have a positive effect on the real estate market in Nigeria.
On June 23, 2022, the Canadian government announced a policy that, starting in the following year, prohibits foreigners from investing in residential real estate. This would make it possible for Nigerians to profit and reinvest in the country’s economy. A realtor stated that investing in the real estate market in Nigeria is a goldmine, adding that Nigerians should join hands to develop the country’s real estate industry.
Furthermore, the new policy forbids foreign corporations and people from buying residential real estate in Canada between January 1, 2023, and December 31, 2024 if they are neither Canadian citizens nor permanent residents of the country.
The law was passed, according to a CNN report, because some politicians believed that foreign buyers were to blame for the rise in Canadian home prices since the start of the pandemic.