Canada on Sunday introduced a two-year extension to a ban on foreign ownership of Canadian housing, saying the step was aimed toward addressing worries about Canadians being priced out of housing markets in cities and cities throughout the nation.
Canada is dealing with a housing affordability disaster, opens new tab, which has been blamed on a rise in migrants and worldwide college students, fuelling demand for houses simply as rising prices have slowed development.
“As part of using all possible tools to make housing more affordable for Canadians, the ban on foreign ownership of Canadian housing, which is currently set to expire on January 1, 2025, will be extended to January 1, 2027,” Canadian deputy prime minister Chrystia Freeland stated in a press release.C
The Canadian authorities has stated foreign ownership additionally has fuelled worries about Canadians being priced out of housing markets in cities and cities throughout the nation.
Last month, Canada introduced a right away, two-year cap on worldwide pupil permits and stated it could additionally cease giving work permits to some college students after commencement because it seeks to rein in report numbers of newcomers seen aggravating a housing disaster.
Rapid inhabitants progress fuelled by immigration has put strain on providers similar to healthcare and training, and has helped drive up housing prices. These points have weighed on Liberal Prime Minister Justin Trudeau’s assist, with opinion polls displaying he would lose an election if one have been held now.