The federal government is extending its ban on foreign home purchasing in Canada, Finance Minister Chrystia Freeland announced in a release Sunday.
The rule, which was first introduced in 2022, will now be extended until the beginning of 2027. It bans foreign nationals and commercial enterprises from buying residential property in Canada, with exceptions for some international students, refugee claimants and temporary workers.
This is the best summary I could come up with:
The federal government is extending its ban on foreign home purchasing in Canada, Finance Minister Chrystia Freeland announced in a release Sunday.
It bans foreign nationals and commercial enterprises from buying residential property in Canada, with exceptions for some international students, refugee claimants and temporary workers.
“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.
Some provinces in Canada already had foreign home buyers taxes in place, while Toronto recently proposed a municipal levy on non-Canadian residential purchases.
The Canada Mortgage and Housing Corp. (CMHC) says 3.5 million additional homes on top of expected growth need to be built by 2030 to reach affordability.
The federal government has responded to the crisis with a number of measures, including a series of negotiations with major cities, to tie federal money in the Housing Accelerator Fund to zoning reform and other pro-building policy changes at the municipal level.
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