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Canada Extends Ban On “Foreign Ownership” Of Housing By 2 Years

Last month, Canada announced it would immediately place a two-year cap on international student permits. (File)

Canada announced Sunday it will extend its ban on foreigners owning Canadian homes for two years, a move aimed at addressing concerns that Canadians will be priced out of the housing market in cities and towns across the country. He said there was.

Canada is facing a housing affordability crisis, blamed on an increase in immigration and international students, which is increasing demand for housing while rising costs are slowing construction.

“As part of taking all steps to make housing more affordable for Canadians, the current ban on foreign home ownership in Canada, which expires on January 1, 2025, will continue until January 1, 2027. It will be extended,” Canada’s deputy prime minister said. Minister Chrystia Freeland said in her statement.

The Canadian government said foreign ownership is also fueling concerns that Canadians will be priced out of housing markets in cities and towns across Canada.

Canada announced last month it would immediately put a two-year cap on international student permits and stop granting work permits to some students after graduation in a bid to curb record numbers of new immigrants exacerbating the housing crisis. Then he announced.

Rapid population growth due to immigration is putting pressure on services such as medical care and education, and is also leading to soaring housing costs. These issues are weighing heavily on Liberal Prime Minister Justin Trudeau’s support, with opinion polls showing he would lose if the election were held now.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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