Canada extends ban on foreign ownership of Canadian housing for 2 years

PTC News Desk: The Canadian government announced to extend the ban on foreign ownership of Canadian real estate by two years. The announcement was made in response to concerns that Canadians would be priced out of the country's cities and towns.

An increase in immigrants and foreign students has been attributed to Canada's housing affordability crisis, which has fueled demand for homes even as rising costs have slowed construction. 

Canadian Deputy Prime Minister Chrystia Freeland said in a statement, "the ban on foreign ownership of Canadian housing, which is currently set to expire on January 1, 2025, will be extended to January 1, 2027 as part of using all possible tools to make housing more affordable for Canadians."

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According to the Canadian government, concerns about Canadians being priced out of housing markets in cities and towns across the nation have been exacerbated by foreign ownership.

In an effort to control the unprecedented number of immigrants who are perceived to be exacerbating the housing crisis, last month Canada declared an immediate impose of a two-year cap on international student permits and that it would also cease issuing work permits to certain graduates.

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Immigration-fueled rapid population growth has increased demand for services like health care and education as well as contributed to rising housing costs. Opinion polls indicate that Liberal Prime Minister Justin Trudeau would lose an election if one were held right now due to these issues, which have affected his support.