A new Canadian law took effect January 1 that essentially bans foreign buyers from buying residential properties as investments for two years.The law was passed because of a spike in Canadian home prices since the start of the pandemic – and some politicians’ beliefs that foreign buyers were responsible by snapping up supply of homes as investments.“The desirability of Canadian homes is attracting profiteers, wealthy corporations, and foreign investors,” said the campaign website of Prime Minister Justin Trudeau’s party this past year.Homes are for people, not investors.”The law provides exceptions for home purchases by immigrants and permanent residents of Canada who are not citizens.“The potential benefits of the ban are likely to be modest.”CREA also expressed concern that the ban could prompt retaliation by the United States and Mexico to prohibit purchases in those countries by Canadians, especially retirees looking for winter homes away from the Canadian winter."