The 2022 federal Canadian budget rolled out Thursday bans foreigners from buying residences for two years and allocates CAN$8 billion ($6.3 billion) for increased military spending.
Those were two of the highlights of the budget – which includes CAN$60 billion ($47.6 billion) in total new spending – delivered by Finance Minister Chrystia Freeland.
Foreign ownership of residences being illegal is included in a CAN$10 billion ($7.9 billion) plan aimed at making housing more affordable for Canadians as prices have soared with inflation at its highest peak in decades and interest rates rising.
Prices have escalated to the point that a recent survey found that nine out of 10 Canadians have given up ever owning a home, with the average selling price now at CAN$816,720 ($648,761).
The CAN$8 billion is targeted for beefing up the North American Aerospace Defense Command (NORAD) that Canada maintains with the US. NORAD is to safeguard.
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