Canada on Sunday announced a two-year extension of a ban on foreign ownership of Canadian homes. The move was aimed at addressing concerns that Canadians would be priced out of housing markets in cities and towns across the country.
Canada is facing a housing affordability crisis, blamed on an increase in the number of migrants and international students, fueling demand for housing just as rising costs have slowed construction.
“As part of using all possible tools to make housing more affordable for Canadians, the ban on foreign ownership of Canadian housing, currently set to expire on January 1, 2025, will be extended until January 1, 2027,” the Canadian Deputy Prime Minister said. Minister Chrystia Freeland said this in a statement.
The Canadian government has said foreign ownership has also fueled concerns that Canadians are being priced out of housing markets in cities and towns across the country.
Last month, Canada announced an immediate two-year limit on international student permits and said it would also stop giving work permits to some students after graduation as it tries to rein in record numbers of newcomers who are exacerbating the housing crisis.
Rapid population growth, fueled by immigration, has put pressure on services such as health care and education and helped drive up housing costs. These issues have weighed on Liberal Prime Minister Justin Trudeau's support. Opinion polls showed he would lose an election if it were held now.
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