Will Canada's foreign buyer ban affect Australia if urged to follow?

Posted By Shiral Alexander

Canadian Prime Minister had a recent decision to block foreign buyers from purchasing residential properties for two years hoping to reduce pressure on the housing market.

Will this affect the Australian housing market?

I believe it will not, here's why:

Banning foreign buyers of property would not make any meaningful difference to housing affordability.
Regulations for foreign buying of property in Australia is difficult already and expensive because of surcharges and taxes.
Many are misled by the volume of transactions by foreigners; There were over 5,000 transactions from July 2020 to June 2021 involving foreign ownership.