Canada is facing a housing affordability crisis, blamed on a surge in immigrants and international students driving up demand for housing, while rising costs have slowed construction.
The Canadian government has extended the ban on foreign home purchases until 2027. Photo: CBC
“As part of using all available tools to make housing more affordable for Canadians, the ban on foreign ownership of homes in Canada, which is currently set to expire on January 1, 2025, will be extended until January 1, 2027,” Canadian Deputy Prime Minister Chrystia Freeland said in a statement.
The Canadian government says foreign ownership is raising concerns about Canadians being priced out of the housing market in cities and towns across the country.
Last month, Canada announced a two-year cap on international student permits and will stop issuing work permits to some students after graduation, in a bid to curb record numbers of immigrants that are exacerbating the country's housing crisis.
Rapid population growth due to immigration has also put pressure on services like health care andeducation in Canada, while also driving up housing costs. These issues have put a strain on Prime Minister Justin Trudeau, with polls showing he would lose if an election were held today.
Bui Huy (according to Reuters, CBC, Canada.ca)
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