Canada bans foreign home buyers for two years to cool market

印刷用画面を開く

Posted

Category: Business

Listening

Unlocking Word Meanings

Read the following words/expressions found in today’s article.

  1. cool off / kul ɔf / (phrasal v.) – to slow down the growth or lessen the activity of something
    Example:

    The government wants to cool off the economy by increasing interest rates and encouraging people to keep their money in the bank.


  2. tamp down / tæmp daʊn / (phrasal v.) – to reduce or lessen something
    Example:

    The celebrity couple tamped down rumors that they have broken up.


  3. record / ˈrɛk ərd / (adj.) – used to say that something is the best or the worst among other similar things
    Example:

    He won the race with a record time of less than 30 seconds.


  4. overheated / ˌoʊ vərˈhi tɪd / (adj.) – having too much activity, growth, etc., especially when referring to a market or economy
    Example:

    The price of goods will quickly increase if the economy remains overheated.


  5. liberal / ˈlɪb ər əl / (adj.) – referring to a political party that actively supports and promotes new ideas or ways that don’t follow traditional beliefs
    Example:

    The Liberal party is pushing for same-sex marriage in the country.


Article

Read the text below.

Prime Minister Justin Trudeau’s government announced Thursday it will ban foreign investors from buying homes in Canada for two years in a bid to cool off a hot housing market.


Finance Minister Chrystia Freeland took a number of measures to tamp down speculation and demand amid record home prices in announcing the federal budget for the year.


The government announced a two-year ban on foreign home buying as well as higher taxes for people who sell their home within a year, though both measures include multiple exceptions including for permanent residents and foreign students.


The budget also includes billions for new housing and measures to help Canadians trying to get into the market, including a new savings account and changes to the first-time homebuyers tax credit.


The government is under pressure to cool an overheated market after prices climbed by more than 20% last year, while rental rates have also been rising.


The federal Liberal government is also promising Can$500 million (US$397 million) in additional military aid to Ukraine as well as more humanitarian and financial support to Kyiv in response to Russia’s invasion.


Canada responded to months of pressure from the NATO military alliance and others by promising more than Can$8 billion (US$7.2 billion) in new military spending over the next five years. Canada will remain far short of NATO’s spending 2% of GDP target, even as other allies dramatically ramp up their own military investments following Russia’s invasion of Ukraine.


Last month, the Canadian government announced it selected Lockheed Martin Corp. and the F-35 as the preferred bidder in its competition to buy a new fighter jet.


This article was provided by The Associated Press.


Viewpoint Discussion

Enjoy a discussion with your tutor.

Discussion A

  • The Canadian government will ban foreigners from buying houses in their country for two years to cool off a hot housing market. Do you think this will affect the number of foreigners coming to live/work in Canada? Why or why not? Discuss.
  • If you could buy a property in another country, which country would you like to buy from? Why? Discuss.

Discussion B

  • Canada responded to pressure from NATO and others by promising more than $8 billion Canadian in new military spending over the next five years. Do you think allied nations should have an influence over how a country spends its national budget? Why or why not? Discuss.
  • NATO allies dramatically ramped up their military investments following Russia’s invasion of Ukraine. Do you think it’s reasonable to spend a lot on military power? Why or why not? Discuss.