Mortgage Blog
Quality advice, quality service and the best mortgage rates
Government Extends Ban on Foreign Buying of Canadian Housing
February 12, 2024 | Posted by: Angela Robinson
In a recent announcement, Finance Minister Chrystia Freeland revealed the extension of the federal government's ban on foreign home purchasing in Canada until the beginning of 2027. The initial rule, introduced in 2022, prohibits foreign nationals and commercial entities from buying residential property in Canada, with exceptions for certain groups such as international students, refugee claimants, and temporary workers.
The extension aims to ensure that houses serve as homes for Canadian families rather than becoming speculative financial assets. Despite questions about the ban's impact on housing affordability, experts note the relatively small share of the overall housing market owned by non-Canadians. Various exemptions and existing taxes on foreign home buyers are already in place across provinces.
Housing affordability has become a significant political issue, with the Canada Mortgage and Housing Corp. emphasizing the need for 3.5 million additional homes by 2030. The housing crisis has prompted political responses, including Conservative Leader Pierre Poilievre's proposals for measures and incentives to address the housing crunch. The federal government is engaging in negotiations with major cities to tie funding from the Housing Accelerator Fund to zoning reform and other pro-building policies at the municipal level.
Contact us today at 780 701 3888 or marc@albertamortgagepros.ca!
#CanadaRealEstate #ForeignBuyerBan #HousingAffordability #GovernmentAction
Full Article: https://www.cbc.ca/news/politics/foreign-housing-buying-ban-extended-1.7104533
