OTTAWA – The federal government will continue to ban foreigners from buying a home in Canada for two years, as housing affordability considerations continue to plague cities across the country.
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Finance Minister Chrystia Freeland made the announcement today and said Canada will extend its ban on buying a home until 2027.
Under the ban, which first went into effect in 2023, non-Canadians, permanent residents, and advertising companies can buy a home here.
Freeland issued a statement saying the extension will ensure that the homes are used as homes for Canadians and families and not become a speculative money asset class.
She says the government plans to use all tools possible to make homes more affordable across Canada.
The original ban on foreign buyers was set to expire on Jan. 1, 2025.
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