In April—in the midst of a red-hot housing market and soaring home prices—Prime Minister Justin Trudeau's government announced a two-year ban prohibiting foreign investors from buying homes in Canada.
The ban, which applies to non-Canadian citizens and non-permanent residents as well as foreigners, goes into effect on Jan. 1.
Six months later—a period that saw housing sales collapse by 36% as interest rate hikes took their toll—comes a new report which indicates that one of the bright spots in the gloomy Canadian housing market has been Americans rushing to grab vacation homes up north before the ban goes into effect.
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