“In late December, Ottawa also clarified that the ban would apply only to city dwellings and not to recreational properties such as summer cottages.”
Foreign buyers hold less than 5 percent of Canadian homes. Trudeau’s government banned them for two years anyway, then carved out the cottages. Average prices already fell from more than $590,000 to just over $465,000 in 2022, thanks to interest rates. Blaming foreigners is cheaper than building houses.