The Canadian government will extend the current ban on foreign buyers purchasing real estate for another two years. The ban was originally scheduled to be implemented for two years, expiring on January 1, 2025.
The Canadian government said that the two-year extension of the ban is part of the authorities’ economic plan to promote more affordable housing for Canadians. Foreign funds have continued to pour into the Canadian residential real estate market, exacerbating the housing affordability problem across the country, especially in major urban centers.