OTTAWA: Canada on Sunday extended a two-year ban on foreign ownership of Canadian housing, saying the measure was aimed at addressing fears about Canadians being priced out of housing markets in cities and towns across the country.
Canada is currently facing a housing affordability crisis, which has been blamed on migrants and international students, fueling demand for houses just as rising expenditures have slowed construction.
Canadian Deputy Prime Minister Chrystia Freeland in a statement said that as part of using all possible measures to make housing more affordable for Canadians, the ban on foreign ownership of Canadian housing, which is due to expire on January 1, 2025, will be extended to January 1, 2027.
The government has said foreign ownership also has increased worries about Canadians being priced out of housing markets in cities and towns across the country.
Canada announces two-year ban on foreign student permits
Canada, last month announced an immediate, two-year ban on foreign student permits and said it would also stop issuing work permits to some students after graduation as it wants to rein in record numbers of newcomers seen fueling a housing crisis.
fast population growth fueled by immigration has put immense pressure on services such as healthcare and education, and has also increased housing costs.
These matters have weighed on Prime Minister Justin Trudeau’s support, with opinion polls showing he would lose an election if one were held now.
