The federal government will continue to ban foreign nationals from buying homes in Canada for another two years as housing affordability concerns continue to trouble cities across the country.
Finance Minister Chrystia Freeland made the announcement today, saying Canada is extending its foreign homebuyer ban up until 2027.
Under the ban, which first came into effect in 2023, foreign commercial enterprises and people who are not Canadian citizens or permanent residents will continue to be prohibited from purchasing residential property in Canada.
Freeland issued a statement saying the extension will ensure houses are used for homes for Canadians and families and do not become a speculative financial asset class.
She says the government plans to use all tools possible to make homes more affordable across Canada.
The initial foreign homebuyer ban was set to expire on Jan. 1, 2025.
This report by The Canadian Press was first published Feb. 4, 2024.
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