Fri. Feb 23rd, 2024

Forbidden strangers purchase of residence in Canada for two more years

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The goal of the law passed in 2022 is to prevent foreign investors from purchasing Canadian homes and contributing to rising prices.

Radio-Canada

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In order to curb the country's housing shortage, Ottawa is extending the ban on foreigners buying residential properties in Canada until 2027.

Announced in 2022, this measure was to end on January 1, 2025. With the postponement announced Sunday morning, the new deadline is now set for January 1, 2027.

By extending the ban on foreign investment, we are ensuring that homes serve as homes for Canadian families and do not become speculative financial assets.

A quote from Chrystia Freeland, Federal Minister of Finances

As a result, foreign business enterprises and individuals who are not Canadian citizens or permanent residents will continue to be prohibited from acquiring residential properties in the country.

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The housing crisis has become a hot topic for the Trudeau government which is regularly followed by the Conservative leader Pierre Poilievre who even made a documentary on the issue.

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Conservative leader Pierre Poilievre has his own plan to build more housing. (File photo)

The issue has been on the Liberal government's radar for several years. Launched in 2017, the National Housing Strategy rains down billions, but the results are not always there, particularly in affordable housing.

To try to remedy this, the Trudeau government announced several measures, including the establishment of a $4 billion fund to help municipalities, the reduction in the number of foreign students admitted to certain provinces or the elimination of the GST on the construction of rental housing.

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