Foreigners banned from buying homes in Canada

BBC reported that a two-year ban on some foreigners buying homes in Canada has come into effect.

The ban aims to help ease one of the most unaffordable housing markets in the world.

As of this summer, the average home price in Canada is C$777,200 ($568,000; £473,700) – more than 11 times the median household income after taxes.

As of 1 January, 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.

(picture BBC)