Site logo

Canada extends ban on foreigners buying houses until 2026

Canada extends ban on foreigners buying houses until 2026

Canada has extended a measure banning foreigners from buying houses for two years, as the real estate market begins to show signs of rebound. The move comes amid growing concerns about the cost of housing in major cities like Toronto and Vancouver.

The government of Prime Minister Justin Trudeau had ordered a ban on non-Canadians purchasing residential real estate in 2022. This measure, which was due to expire on January 1, 2025, was extended to January 1, 2027.

“By extending the ban on foreign buyers, we will ensure that homes are used as housing for Canadian families and do not become a speculative financial asset class,” Finance Minister Chrystia Freeland said on Sunday.

In a statement, she added that the government is concerned about the situation of residents who find themselves excluded from the local real estate market.

The government has provided exemptions for non-Canadians purchasing vacant land or residential properties for development purposes. There are also exemptions for foreign students and people with work permits, provided they have been in the country for a long time and have not already had access to property.

Do You Want To Boost Your Business?