A Canadian law barring foreigners from buying property in the country took effect Sunday, as part of Prime Minister 's multipronged plan to address rapidly inflating housing prices.The bill, dubbed the Prohibition on the Purchase of Residential Property by Non-Canadians Act, seeks to quell the country's housing by prohibiting all outsiders - particularly investors - from purchasing property throughout its 10 provinces.Passed by Parliament in June, the guidance is a cornerstone of Trudeau’s proposal to cool speculation that saw average home prices swell to an eye-watering $800,000 after the pandemic. The country’s housing market has since yet to recover, due to issues including limited supply and opportunistic investors.
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