Canada Global(Web News)Finance Minister Chrystia Freeland announced on Sunday that the federal government is extending its current ban on foreign ownership of Canadian residential properties for another two years.
Freeland, who is also deputy prime minister, said in a statement that the expansion is part of the federal government’s economic plan to make housing more affordable for Canadians.
The ban is currently set to expire on January 1, 2025, and will be extended to January 1, 2027.
“By expanding the ban on foreign buyers, we will ensure that homes are used as homes for Canadian families to live in and not become a speculative financial asset class,” Freeland said.
The government intends to use all possible tools to make housing more affordable for Canadians across the country.
The foreign buyer ban, which was first introduced on January 1, 2023, prohibits buyers who are not Canadian citizens from
purchasing residential property by non-Canadians to address housing affordability concerns in the 2022 Prohibition Act. was approved as part of the effort. Foreign money has been buying Canadian residential real estate for years,
the latest move to tackle Canada’s housing crisis comes a month after the Liberal government announced it would impose a two-year temporary cap on student permits. will
