Canada Extends Ban on Foreign Home Buyers

Canada Extends: Canada has prolonged its ban on foreign ownership of housing for two more years, responding to concerns about locals struggling to access affordable homes.

Deputy Prime Minister Chrystia Freeland reaffirmed the government’s commitment to improving housing affordability using all available means. The housing crisis, attributed to increased migration and international student enrolment, has intensified demand for homes amid sluggish construction.

Canada Extends Update

To mitigate this, Canada has capped international student permits and restricted post-graduation work permits to control the influx exacerbating the housing crunch.

Acknowledging foreign ownership’s role in pricing locals out of housing markets nationwide, Canada seeks to address this issue by prolonging the ban. Immigration, Refugees and Citizenship Canada (IRCC) introduced temporary caps on study visas, anticipating a big dip in approved permits for 2024 compared to 2023.

IRCC plans to implement province-specific caps proportional to respective populations to manage the surging international student population more sustainably.

This strategy aims to curb growth in provinces experiencing unsustainable surges in international student numbers. Canada’s measures underscore its commitment to addressing housing affordability challenges.

By extending the ban on foreign ownership and implementing caps on study visas, the government aims to alleviate pressure on housing markets and ensure equitable access to housing for Canadians.

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