In Canada, a law has come into force barring some foreigners from buying homes for two years.
The ban is aimed at easing one of the world’s most affordable housing markets.
As of this summer, the median home price in Canada was C$777,200 (US$568,000), more than 11 times the median after-tax household income.
Critics say it is unclear how the ban will affect the Canadian housing market.
Less than 6% of homeowners are non-Canadian in Ontario and British Columbia, which have the highest home prices nationally.
Beginning January 1, non-Canadian citizens or permanent residents will be prohibited from purchasing residential property, and violators will be subject to a $10,000 fine.
The Canadian government announced some exemptions from the rule in late December, 11 days before the immigration ban went into effect, including for international students who have been in the country for more than five years, asylum seekers, and those with temporary work permits.
Federal Housing Minister Ahmed Hussen said in a statement that the ban was intended to curb buyers who see housing as a commodity rather than as a place to raise a family.
“Through this bill, we are taking steps to ensure that homes are owned by Canadians for everyone living in this country,” said Hussen.
Canadian house prices have fallen slightly in 2022, but are still much higher than they were a decade ago.
Compared to 2013, when the median home price was C$522,951, it was up 48% last year.
Meanwhile, Canadian median household income is struggling to keep up with rising house prices. The latest data show that median after-tax household income grew by 9.8% from 2015 to 2020.
Statista’s analysis of the relationship between house prices and income found the Canadian housing market to be one of the most inaccessible in the world, ahead of New Zealand, the US and the UK.
Canada’s two largest cities, Toronto and Vancouver, have median home prices in excess of C$1 million and are often ranked among the ’10 most inaccessible cities in the world’.