The federal government is extending its ban on foreign home purchasing in Canada, Finance Minister Chrystia Freeland announced in a release Sunday.

The rule, which was first introduced in 2022, will now be extended until the beginning of 2027. It bans foreign nationals and commercial enterprises from buying residential property in Canada, with exceptions for some international students, refugee claimants and temporary workers.

  • @SamuelRJankisEnglish
    12•8 months ago

    In case anyone forgot the Liberals rushing to add exemptions almost immediately after it was introduced.

    https://www.cbc.ca/news/canada/british-columbia/canada-foreign-buyer-ban-housing-affordability-1.7058154

    Exemptions watered down ban CMHC data reveals that only two per cent of real estate purchases in 2021 were made by non-Canadians, according to communications obtained by Global News through Access to Information.

    A few months after the ban was put into place more exemptions were added. These included students, first-time buyers and properties under $500,000.