Ottawa (Feb 7) – The ban on foreign ownership of Canadian homes has been extended for another two years.
Chrystia Freeland, Deputy Prime Minister and Minister of Finance, announced the federal government’s intent to extend the ban to 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 a statement. “The government is intent on using all possible tools to make housing more affordable for Canadians across the country.”
The ban on foreign ownership of Canadian housing which was set to expire on January 1, 2025 will be extended to January 1, 2027. Foreign commercial enterprises and people who are not Canadian citizens or permanent residents will continue to be prohibited from purchasing residential property in Canada.
“For years, foreign money has been coming into Canada to buy up residential real estate, increasing housing affordability concerns in cities across the country, and particularly in major urban centres,” the statement read. “Foreign ownership has also fueled worries about Canadians being priced out of housing markets in cities and towns across the country.”
In 2022, the federal government passed the Prohibition on the Purchase of Residential Property by Non-Canadians Act to ban foreign investors from buying residential property in Canada and to ensure the housing market remains available to Canadians.
