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Canadian Government extends ban on foreign ownership of housing

On February 4, 2024, Deputy Prime Minister and Minister of Finance Chrystia Freeland announced a two-year extension to the existing ban on foreign ownership of Canadian housing. The move addresses rising concerns about housing affordability driven by foreign investment, particularly in major urban areas. The ban, initially set to expire on January 1, 2025, will now continue until January 1, 2027. Foreign commercial entities and non-Canadian citizens or permanent residents remain prohibited from purchasing residential properties in Canada. This extension is part of the federal government's comprehensive economic plan to enhance housing affordability. Deputy Prime Minister Freeland emphasized the government's commitment to leveraging all available tools to ensure homes are residences for Canadian families rather than speculative financial assets. The government is actively collaborating with various levels of administration to expedite home construction, making homeownership more attainable for Canadians.

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