The Canadian government has announced a two-year extension to the ban on foreign ownership of housing in Canada. The existing ban, which was set to expire on January 1, 2025, will now be extended to January 1, 2027. This decision comes as a response to concerns about foreign investment driving up housing prices and affordability issues for Canadians, particularly in major urban centers. The goal of the extension is to ensure that houses are primarily used as homes for Canadian families rather than as speculative financial assets.
In addition to the ban on foreign ownership, the government has implemented various measures to address housing affordability. These initiatives include significant investments in housing projects, removal of GST on new rental housing, low-cost financing programs for new rental homes, funding for affordable housing construction and repairs, incentives for municipalities to increase housing construction, and support programs for homelessness prevention. The government's comprehensive economic plan aims to build more homes, faster, and make homeownership more accessible for Canadians across the country.