Ottawa – Chrystia Freeland, Deputy Prime Minister and Minister of Finance, announced the federal government’s intent to extend by an additional two years the existing ban on foreign ownership of Canadian housing. For years, foreign money has been coming into Canada to buy up residential real estate, increasing housing affordability concerns in cities across the country, and particularly in major urban centres. Foreign ownership has also fueled worries about Canadians being priced out of housing markets in cities and towns across the country.
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. Foreign commercial enterprises and people who are not Canadian citizens or permanent residents will continue to be prohibited from purchasing residential property in Canada.
The ban on foreign ownership of Canadian housing—and this two-year extension—is just one part of the federal government’s economic plan to make housing more affordable for Canadians. The federal government is taking bold action and working with all orders of government to build more homes, faster, and put homeownership back within reach for more Canadians.
“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. The government is intent on using all possible tools to make housing more affordable for Canadians across the country.” – Chrystia Freeland, Deputy Prime Minister and Minister of Finance