02/04/2024 – 21:49
The ban on property purchases by foreigners in Canada, in force since January 2023, will be extended until 2027, with the aim of tackling the shortage of houses and apartments in the country, the government announced this Sunday.
“By extending the ban, we will ensure that properties will be used as homes for Canadian families and will not be converted into speculative financial assets,” said Canadian Deputy Prime Minister Chrystia Freeland.
Exceptions to the law, which only apply to urban residences and not tourist residences, remain in force for refugees or permanent residents, as well as for certain groups of international students and temporary workers.
Liberal Justin Trudeau's government blames foreign investors for soaring prices for years, especially with purchases in large urban centers.
Experts say, however, that the ban on foreign buyers – who represented between 2% and 7% of total property owners in Canada in 2021, according to official data – will not make prices more affordable. Instead, they point out that it is necessary to build more properties to meet demand.
In mid-January, Canada also announced a limit on issuing permits to foreign students, whose numbers have soared in recent years, worsening the housing crisis, according to the government.
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