Will the hot housing market be less hot without foreign buyers. The Liberal government has announced that it will ban foreign investors from buying homes in Canada for two years in order to cool off the hot housing market. In addition the government announced higher taxes for those who sell homes within 1 year. There are many exemptions to this rule and one may surmise that foreign buyers will use loopholes. This rule could potentially affect condo sales especially new construction where foreign buyers have often put their money. Toronto and Vancouver are 2 places that may be affected as foreign buyers like to put their money in these cities. Canadians do need housing for their own. We will see how these rules work to help.