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.
"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.
Housing has become a major political flashpoint as Canadians deal with a severe affordability crisis. 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.
More to come