Foreign buyer ban on homes extended for 2 years in Canada

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Published February 4, 2024 at 11:38 am

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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, non-Canadian people, including permanent residents, and commercial enterprises are prevented from buying homes here.

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.

The Canadian Press

Note to readers: This is a corrected story. A previous version said the foreign homebuyer ban first took effect in 2022. In fact, it took effect in 2023.

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