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‘Misguided’: Australia urged to resist following Canada’s foreign buyer ban

Canada’s move to block foreign buyers has received support for a similar policy in Australia, but not everyone is convinced it will make a difference.

A recent decision to block foreign buyers from purchasing residential properties in Canada has spurred calls for Australia to follow suit.

Canada and Australia have experienced similar surges in property prices over the past year, with cities like Vancouver and Toronto recording rises similar to Sydney and Melbourne.

The move to ban foreign buyers purchasing residential properties for two years was announced late last year, with Canadian Prime Minister Justin Trudeau hoping to relieve pressure on the market.

The ban includes detached homes, semi-detached homes, units, and apartments in metropolitan areas.

Refugees, international students and temporary work visas are still allowed to purchase properties.

InvestorKit founder and head of research Arjun Paliwal said Canada’s move to lock out foreign says will make little to no difference to Australia’s market if replicated.

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