To solve the housing crisis, the Canadian federal government has just announced (Sunday, February 4) that it will extend the ban on overseas buyers buying homes for another two years, until 2027.
Finance Minister: Ban on overseas buyers extended According to CBC, Canadian Broadcasting Chinese, and other media reports, today, Canadian Finance Minister Chrystia Freeland announced in a press release that the federal government will extend the “prohibition on non-citizens, non-permanent residents and foreign holding companies purchasing Canadian real estate in the form of investment”.
Canada’s ban on home purchases by overseas buyers will take effect on January 1, 2023. It was initially announced to last for two years and covered residential properties. However, some eligible international students (topics), foreign workers, refugees and other groups can be exempted. Additionally, the ban covers only single-family homes and apartment buildings with three or fewer units.
Properties exempt from this restriction include apartment buildings with four or more units, any type of residence located outside of overheated cities, and recreational properties such as vacation homes and country houses in all areas.
The bill sets a fine of C$10,000 for overseas buyers who purchase residential properties in violation of the ban. In today’s statement, Freeland said: “By extending the ban on foreign buyers, we will ensure that homes are used as places of residence for Canadian families and do not become financial assets for speculation.”