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HomeUncategorizedForeign Home Purchase Ban in Canada to Remain Until 2026.

Foreign Home Purchase Ban in Canada to Remain Until 2026.

Foreign Home

This comes when home sales are rebounding.

Freeland restriction assures ‘houses are used as homes’

Canada extended a controversial foreign house buyer restriction that took effect last January through 2026 after years of debate.

Foreign money has been buying up residential real estate in Canada for years, increasing housing affordability concerns in cities across the country, especially major urban centers, said deputy prime minister and finance minister Chrystia Freeland in a news release yesterday. Foreign ownership has raised concerns about Canadians being priced out of housing markets in cities and towns across.

Despite a broad number of exclusions, the Prohibition on the Purchase of Residential Property by Non-Canadians Act prohibits non-citizens from buying residential property in most urban areas. Most students, refugees, permanent residents, spouses of Canadian citizens, and some temporary workers can buy properties in rural and “recreational” areas, which are exempt.

Despite government claims that the ban will alleviate Canada’s housing crisis, real estate industry critics argue that it is shortsighted and unproductive.

Janice Myers, CEO of the Canadian Real Estate Association (CREA), said Monday that the two-year extension is unnecessary because Statistics Canada, CMHC, and Finance Canada have not provided any analysis, evidence, or data to support the government’s intended impact on housing affordability in Canada. “If the government decides to proceed with this baseless extension, CREA urges them to consider exempting pre-construction financing, defining and exempting recreational property, including CUSMA exemptions, and giving provinces input to tailor to their housing market requirements,” she said.

Sotheby’s International Realty Canada president and CEO Don Kottick concurred.

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