The ban on foreign ownership of Canadian residential property, initially set to expire in 2025, has been extended by two years. It prohibits foreign commercial enterprises and non-Canadian citizens or permanent residents from purchasing homes in Canada, with exceptions for certain individuals such as temporary workers, refugee claimants, and eligible international students. Those found in violation of the ban face fines up to $10,000 and may be required to sell the property.

Finance Minister Chrystia Freeland emphasized the government’s commitment to housing affordability, stating the ban aims to ensure homes are for Canadian families, not speculative investments. While some question its impact, citing statistics showing foreign ownership concentrations in urban cores, others believe existing taxes have already curbed foreign investment. The government defends the ban as one tool among many to address housing challenges, alongside initiatives like GST removal on new rentals and funding for municipalities.