Photo: Adrian Wyld The Canadian Press Minister Chrystia Freeland released a statement saying the expansion will ensure the homes will be used as housing for Canadians and families, and will not become a speculative financial asset class.
The Canadian Press in Ottawa
February 4, 2024
- Canada
The federal government will continue to bar foreign nationals from purchasing homes in Canada for another two years, as housing affordability issues continue to roil cities across the country.
Finance Minister Chrystia Freeland announced on Sunday that Canada was extending the ban on the purchase of housing by foreigners until 2027.
Under the ban, which first took effect in 2023, non-Canadians, including permanent residents, and commercial businesses are not allowed to purchase a home in the country.
Minister Freeland released a statement saying the expansion will ensure the homes will be used as housing for Canadians and families, and will not become a speculative financial asset class.
She indicates that the government plans to use all possible tools to make housing more affordable across Canada.
The original ban on foreign buyers was set to expire on January 1, 2025.