The Canadian government has recently announced an extension of the foreign ownership ban on residential properties, a move aimed at addressing the country’s escalating housing crisis. Initially implemented on January 1, 2023, this ban prevents foreign businesses and individuals from buying homes in Canada. Originally set to expire on January 1, 2025, the ban is now extended to January 1, 2027, as confirmed by Deputy Prime Minister and Minister of Finance Chrystia Freeland.
The extension emphasizes the government’s commitment to using every available measure to enhance housing affordability for Canadians. The ban’s primary objective is to ensure that residential properties are used as homes for Canadian families rather than as speculative financial investments. This is a crucial step in tackling the affordability challenges that have long plagued Canadian citizens, particularly in urban areas where real estate markets have been significantly influenced by foreign investments.
Recent statistics from Royal LePage forecast the national average home price in 2024 to reach approximately $843,684, marking a 5% increase. The extended ban on foreign property ownership is a strategic effort by the federal government to stabilize the market and make housing more accessible for Canadians across the country.
Canada Housing Market 
Leave a comment