Government extends ban on foreign buying of Canadian housing

February 05, 2024

The federal government is extending its ban on foreign home purchasing in Canada, Finance Minister Chrystia Freeland announced in a release Sunday. It bans foreign nationals and commercial enterprises from buying residential property in Canada, with exceptions for some international students, refugee claimants and temporary workers. Experts have questioned whether the ban is having a significant effect on housing affordability in Canada, given the relatively small share of the overall housing market owned by non-Canadians. Real Estate Association, told CBC News late last year that "the foreign buyer ban was more political than economic policy or housing policy." Toronto will also receive an additional $19.75 million through the Canada-Ontario Housing Benefit, which helps low-income people cover rent payments.