CANADIAN GOVERNMENT EXTENDS BAN ON FOREIGN OWNERSHIP OF HOUSING

On February 4, 2024, Deputy Prime Minister and Minister of Finance Chrystia Freeland announced a two-year extension to the existing ban on foreign ownership of Canadian housing, marking a significant step in ensuring housing affordability for Canadian residents. The decision comes amidst mounting concerns over the impact of foreign investment on housing prices, particularly in major urban centers across the country.

Originally scheduled to expire on January 1, 2025, the ban will now remain in effect until January 1, 2027. This move reinforces the government's commitment to prioritizing the needs of Canadian families in the housing market. By prohibiting foreign commercial entities and non-Canadian citizens or permanent residents from purchasing residential properties, the government aims to curb speculative activity and create a more stable and equitable housing landscape.

Deputy Prime Minister Freeland reiterated the government's comprehensive approach to addressing housing affordability, emphasizing the utilization of all available tools to ensure that homes serve as residences for Canadian families rather than speculative financial assets. In addition to extending the ban on foreign ownership, the government is actively collaborating with various levels of administration to expedite home construction, thereby making homeownership more accessible to Canadians.

As the landscape of Canadian housing continues to evolve, Global Opportunities remains dedicated to providing expert guidance and assistance to individuals interested in immigrating to Canada. Contact us today to explore your migration options and navigate the changing housing policies with confidence.