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If you’re not a Canadian citizen or permanent resident, buying a home in Canada may be off the table for the next couple of years. On January 1st, 2023, the foreign home ownership...
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Today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, announced the federal government’s intent to extend by an additional two years the existing ban on foreign ownership of Canadian housing.
February 4, 2024 - Ottawa, Ontario - Department of Finance Canada
Today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, announced the federal government’s intent to extend by an additional two years the existing ban on foreign ownership of Canadian housing.
For years, foreign money has been coming into Canada to buy up residential real estate, increasing housing affordability concerns in cities across the country, and particularly in major urban centres. Foreign ownership has also fueled worries about Canadians being priced out of housing markets in cities and towns across the country.
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. Foreign commercial enterprises and people who are not Canadian citizens or permanent residents will continue to be prohibited from purchasing residential property in Canada.
The ban on foreign ownership of Canadian housing—and this two-year extension—is just one part of the federal government’s economic plan to make housing more affordable for Canadians. The federal government is taking bold action and working with all orders of government to build more homes, faster, and put homeownership back within reach for more Canadians.
“By extending the foreign buyer ban, we will ensure houses are used as homes for Canadian families to live in and do not become a speculative financial asset class. The government is intent on using all possible tools to make housing more affordable for Canadians across the country.”
- The Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance
•Since 2015, the average annual federal housing investment has more than doubled. In 2023-24, federal investment in housing is $9 billion higher than it was in 2013-14.
In 2022, the federal government passed the Prohibition on the Purchase of Residential Property by Non-Canadians Act to ban foreign investors from buying residential property in Canada and to ensure the housing market remains available to Canadians.
Canada’s economic plan, including recent investments in the 2023 Fall Economic Statement, is building more homes, faster, and making housing more affordable for Canadians. This plan includes:
•The Affordable Housing and Groceries Act, which removed the Goods and Services Tax (GST) on new rental housing;
•Over $40 billion through the Apartment Construction Loan Program, which is providing low-cost financing to support more than 101,000 new rental homes across Canada by 2031-32;
•Over $14 billion through the Affordable Housing Fund to build 60,000 new affordable homes and repair 240,000 homes;
- Department of Finance Canada
Dec 21, 2022 · From Jan. 1, non-Canadians will be prohibited from buying residential property for two years. The federal government announced the ban as part of its April budget, saying the measure would...
Jul 18, 2024 · But can US citizens buy property in Canada? Let’s take a look at everything you need to know, including fees, property types, legal requirements, and a step-by-step guide to buying a house in Canada.
Apr 30, 2024 · Yes, US citizens can buy real estate in Canada with the same rights as Canadian citizens. Can foreigners buy real estate in Canada to live? Yes, foreigners can purchase residential real estate to live in Canada.
- Yes, foreigners can buy property in Canada without any restrictions.
- Yes, U.S. citizens can buy real estate in Canada with the same rights as Canadian citizens.
- Yes, foreigners can purchase residential estate and avail home ownership in Canada.
- Property prices vary greatly within both countries, so it depends on the specific location.
Mar 16, 2023 · The Act limits non-Canadians from buying residential property in Canada to try to address the current shortage of residential housing and make homes more affordable for Canadians citizens and permanent residents.
Mar 28, 2023 · The Prohibition on the Purchase of Residential Property by Non-Canadians Regulations (the Regulation) was published on December 21, 2022, in the Canada Gazette. The Regulation came into force on January 1, 2023, along with the Act.
