Ban on housing sales to foreigners in Canada extended until 2027
Canada has extended the ban on housing sales to foreigners until January 1, 2027, due to the housing shortage faced by its citizens, which was originally set to expire on January 1, 2025.
The ban on housing sales to foreigners in Canada has been extended for an additional two years. Canada has prolonged the restriction, originally set to expire on January 1, 2025, until January 1, 2027, addressing the housing challenges faced by its citizens.
Canadian Deputy Prime Minister Chrystia Freeland stated in her announcement, "Utilizing all possible means to make homes more affordable for Canadians, we will extend the foreign property ownership ban, currently set to expire on January 1, 2025, until January 1, 2027.
The Canadian government announced concerns that the sale of housing to foreigners has increased housing market prices in cities and towns across the country. Last month, due to the housing crisis in Canada, it was announced that international student permits would be restricted for a period of two years, and some students would not be granted work permits after graduation.
It is worth noting that the said law was initially implemented as of January 2023.