(Ottawa) The federal government will continue to bar foreign nationals from buying 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, people who are not Canadian citizens or permanent residents and commercial businesses are not allowed to buy a home in the country.
Minister Freeland released a statement saying the expansion will ensure homes are used as housing for Canadians and families, and do 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 1er January 2025.
Note to readers:
In a previous version, The Canadian Press incorrectly stated that permanent residents were included in those who could not purchase property in Canada. In fact, this is not the case.