OTTAWA – The federal government will reportedly continue to ban foreign nationals from buying homes in Canada by 2027 due to housing affordability concerns continuing to trouble cities across the country.
Finance Minister Chrystia Freeland in a statement announced today that Canada is extending its foreign homebuyer ban, which was set to expire on Jan. 1, 2025, up until 2027.
“By extending the foreign buyer ban, we will ensure houses are used as homes for Canadian families to live in and do not become a speculative financial asset class,” Freeland said in the statement Sunday.
First coming into effect in 2023, tha ban implies that non-Canadian people, including permanent residents, and commercial enterprises are prevented from buying homes here.
Owing to Canadians dealing with a severe affordability crisis, housing has become a major political flashpoint.
The Canada Mortgage and Housing Corp. (CMHC) reportedly said that 3.5 million additional homes on top of expected growth need to be built by 2030 to reach affordability.
Freeland reportedly said that to make homes more affordable across Canada, the government plans to use all tools possible and issued a statement saying the extension will ensure houses are used for homes for Canadians and families and do not become a speculative financial asset class.
