The government of Canada announced on Sunday that it would be extending the ban on foreign ownership of Canadian real estate by two years. The announcement was made in response to concerns that Canadians would be priced out of the country’s cities and towns.
An increase in immigrants and foreign students has been attributed to Canada’s housing affordability dilemma, which has fueled demand for homes even as rising costs have halted building.
Canadian Deputy Prime Minister Chrystia Freeland said in a statement that “the ban on foreign ownership of Canadian housing, which is currently set to expire on January 1, 2025, will be extended to January 1, 2027, as part of using all possible tools to make housing more affordable for Canadians.”
According to the Canadian government, concerns about Canadians being priced out of housing markets in cities and towns across the nation have also been exacerbated by foreign ownership.
In an effort to control the unprecedented number of immigrants who are perceived to be exacerbating the housing issue, Canada declared last month that it would immediately impose a two-year cap on foreign student visas and that it would also cease issuing work permits to some graduates.
Immigration-driven rapid population growth has increased demand on public services like healthcare and education and contributed to rising housing costs. Opinion surveys indicate that Liberal Prime Minister Justin Trudeau would lose an election if one were conducted right now due to these factors affecting his support.
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