Canada extends foreign home buyer ban for 2 more years

February 5, 2024 - PatialaPolitics

Canada extends foreign home buyer ban for 2 more years

Foreign nationals and companies will be banned from buying residential properties in Canada for an additional two years, the federal finance minister said Sunday, the latest in a raft of measures aimed at addressing housing affordability concerns that have dogged the governing Liberals for months.


Under the ban, which came into effect last year and was set to expire at the beginning of 2025, foreign commercial enterprises and people who are not Canadian citizens or permanent residents are prohibited from purchasing residential property in Canada.


There are some exceptions, including for those with temporary work permits, refugee claimants and international students who meet certain criteria.


Non-Canadians found in contravention of the ban would be fined up to $10,000 and ordered to sell the property.


“By extending the foreign buyer ban, we will ensure houses are used as homes for Canadian families to live in and do not become a speculative financial asset class,” Freeland said in the statement.