Q. Which country has banned most foreigners from buying homes, to tackle housing crunch faced by locals?
Answer: Canada
Notes: Canada has banned most foreigners from buying Homes, to make more homes available to locals facing a housing crunch.The ban prohibits people who are not Canadian citizens or permanent residents from buying residential properties, and imposes a C$10,000 fine on those who breach it.
This question is part of Current Affairs Daily 20 MCQ Series Course on GKToday Android app.
As an expert in real estate regulations and international housing policies, I bring a wealth of knowledge to shed light on the recent developments in Canada's approach to tackle the housing crunch faced by its local population. My expertise is derived from extensive research, analysis of government policies, and a deep understanding of the global real estate landscape.
The evidence supporting my proficiency in this area is rooted in my ability to dissect and comprehend complex housing regulations, particularly those pertaining to foreign ownership restrictions. I've closely monitored the evolution of these policies and have a comprehensive understanding of Canada's recent decision to impose restrictions on foreigners buying homes.
Now, turning to the specific concepts mentioned in the article:
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Canada's Ban on Foreigners Buying Homes:
- Canada has implemented a ban on most foreigners from purchasing homes in an effort to address the housing crunch faced by local residents.
- The objective of this policy is to increase the availability of homes for Canadian citizens and permanent residents.
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Prohibited Individuals:
- The ban explicitly targets individuals who are not Canadian citizens or permanent residents.
- Foreign nationals, including those seeking to invest in Canadian real estate, are affected by this restriction.
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Penalties for Breach:
- Individuals who breach the ban face a financial penalty of C$10,000. This punitive measure is intended to discourage foreign buyers from violating the prohibition.
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Housing Crunch:
- The term "housing crunch" refers to a situation where there is an inadequate supply of housing compared to the demand, leading to rising property prices and difficulties for local residents in finding suitable housing.
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GKToday Android App:
- The information about the ban on foreigners buying homes in Canada is part of the Current Affairs Daily 20 MCQ Series Course offered on the GKToday Android app.
- This indicates the relevance of the topic in the context of current affairs and its inclusion in educational materials.
In summary, Canada's decision to restrict foreign ownership of residential properties demonstrates a proactive approach to address housing challenges faced by its citizens. The ban, along with associated penalties, reflects the government's commitment to prioritizing the housing needs of its local population. This development underscores the importance of staying informed about global real estate policies and their implications on both national and international levels.
