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FOREIGN BUYER BAN EXTENDED

FOREIGN BUYER BAN EXTENDED

Federal government extends foreign buyer ban on Canadian homes to 2027

Foreign nationals and companies will be banned from buying residential properties in Canada for an additional two years, the federal finance minister said Sunday, the latest in a raft of measures aimed at addressing housing affordability concerns that have dogged the governing Liberals for months.

Chrystia Freeland announced the extension in a statement, saying Canada is extending its foreign homebuyer ban up until 2027.

Under the ban, which came into effect last year and was set to expire at the beginning of 2025, foreign commercial enterprises and people who are not Canadian citizens or permanent residents are prohibited from purchasing residential property in Canada.

There are some exceptions, including for those with temporary work permits, refugee claimants and international students who meet certain criteria.

Non-Canadians found in contravention of the ban would be fined up to $10,000 and ordered to sell the property.

“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.

“The government is intent on using all possible tools to make housing more affordable for Canadians across the country.”

The federal government said it wanted to extend the program by two more years because it knows Canada’s housing challenge will not be solved by the end of 2024, and they want to see how the market changes. A lot of the data linked to this ban remains preliminary, even from the private sector, because it has only been in place for a year, Freeland’s office said. click here to read more






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