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Authorities in Canada have extended the 2-year ban on foreign ownership of Canadian houses due to affordability concerns. The ban, set to expire on January 1, 2025, has now been extended to January 1, 2027.
ADULAWO News reports that until the now-extended two-year ban expires, non-Canadian citizens, including Nigerians, are no longer allowed to own houses in the country.
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“Foreign commercial enterprises and people who are not Canadian citizens or permanent residents will continue to be prohibited from purchasing residential property in Canada,” the statement from the country’s Department of Finance stated.
ADULAWO News gathered that the move comes as Canada’s housing affordability crisis heightens. Between the two Canadian censuses of 2016 and 2021, the portion of Canadians living in owner-occupied homes fell from 69% to 66.5%, its lowest since 2022. The government says it is trying to build more homes faster and put home ownership back within reach for more Canadians.
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“By extending the foreign buyer ban, we will ensure houses are used as homes for Canadian families to live in and do not become a speculative financial asset class. The government is intent on using all possible tools to make housing more affordable for Canadians across the country,” said Chrystia Freeland, Canada’s deputy prime minister.
Recently, the Canadian government announced plans to set a two-year cap on its intake of international students from 2024 to control its population growth and address housing concerns. The new policy also restricts the issuance of work permits to postgraduate students upon graduation.
In 2022, the Canadian government passed the Prohibition on the Purchase of Residential Property by Non-Canadians Act to ban foreign investors from buying residential property in Canada and to ensure the housing market remains available to Canadians.
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However, two years later, critics say the policy showed very little success in helping the housing conditions in Canada as mortgage prices stay high in many cities across the country.
The new policy hopes to usher in mortgage hopes as Canada plans to welcome a record-breaking 485,000 new permanent residents in 2024.