Canada Global(Web News) The ban on foreign nationals and companies buying residential property in Canada has been extended for another two years. On Sunday, the Federal Finance Minister said that currently they are worried about issues like housing affordability and that is why this decision has been taken by the federal government.
Chrystia Freeland announced that the ban would last until 2027. The ban, which came into effect last year, was supposed to expire in 2025. It is worth noting that foreign businesses and people who are not Canadian citizens or permanent residents were prohibited from buying residential property in Canada. There is an exemption for temporary work permit holders, refugee claimants and international students who meet the criteria.
Non-Canadians found in violation of this ban could be fined up to $10,000 and required to sell their property. Freeland said the government is doing everything it can to make housing more affordable for Canadians.
