Canada Extends Ban on Property Purchases by Foreigners

The government of Canada announced on Sunday that it has extended the ban on property purchases by foreigners for another two years, in an effort to alleviate the concerns of Canadians troubled by the nationwide increase in housing prices.

The Canadian government states that the influx of foreigners has significantly increased the demand for residences, leading to a shortage of homes and causing severe difficulties for ordinary Canadians. Moreover, the rise in expenses has also slowed down the construction of new homes, further complicating the situation. In this context, the Canadian government, which had already imposed restrictions on the number of foreigners in the country, is continuing other measures as well.

"We are implementing all possible solutions to make housing accessible again to ordinary people in Canada. As part of this, we are extending this ban, which was set to expire on January 1, 2025, for another two years," said Canada's Deputy Prime Minister Chrystia Freeland in a statement. The government of Canada states that the housing market is becoming inaccessible to ordinary people due to the increase in house prices caused by property purchases by foreigners.

Last month, the Canadian government also announced that it would continue to limit the issuance of student permits to foreign students for the next two years.