Canada Extends Ban on Foreign Ownership of Housing for Another 2 Years
Canada has recently announced a two-year extension to the ban on foreign ownership of Canadian housing, aiming to address concerns about Canadians being priced out of housing markets throughout the country. The decision comes as Canada grapples with a housing affordability crisis, which has been exacerbated by an influx of migrants and international students, leading to increased demand for homes amidst rising costs and dwindling construction.
In a statement, Canadian Deputy Prime Minister Chrystia Freeland stated, “As part of using all possible tools to make housing more affordable for Canadians, the ban on foreign ownership of Canadian housing, which is currently set to expire on January 1, 2025, will be extended to January 1, 2027.” The Canadian government acknowledges that foreign ownership has contributed to concerns about Canadians being priced out of housing markets across the country.
This move follows Canada’s recent imposition of a two-year cap on international student permits and the discontinuation of work permits for some graduates, as the government attempts to address the housing crisis intensified by record numbers of newcomers. The rapid population growth resulting from immigration has strained services such as healthcare and education while driving up housing costs. These challenges have affected the support for Liberal Prime Minister Justin Trudeau, with opinion polls indicating potential loss in an election if held presently.
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