Home News Canada extends restriction on foreign housing ownership by two years.

Canada extends restriction on foreign housing ownership by two years.

Canada foreign housing

The Canadian government has announced that it will extend the restriction on foreign housing ownership by an additional two years. This move comes in response to growing concerns that the influx of immigrants and foreign students is driving up housing prices, posing a risk of making Canadian cities and towns unaffordable for residents.

Canada is grappling with a housing affordability crisis, exacerbated by an influx of immigrants and foreign students. Despite rising construction costs, demand for housing continues to rise, posing a challenge.

Chrystia Freeland, the Canadian Deputy Prime Minister, emphasized on Sunday the government’s commitment to addressing the affordability issue. She stated:

“To employ all available measures in making housing more accessible for Canadians, the current ban on foreign ownership of Canadian housing, slated to conclude on January 1, 2025, will now be extended until January 1, 2027.”

Foreign ownership has been identified as a key factor contributing to the concerns of Canadians being priced out of their local housing markets. To further manage the situation, Canada recently announced a two-year restriction on foreign student visas. It halted the issuance of work permits to certain graduates, aiming to control the impact of immigration on the housing crisis.

The rapid expansion of the population due to immigration has strained public services such as healthcare and education, further escalating housing costs. Public opinion surveys suggest that the housing crisis, along with associated issues, has negatively influenced the support for Liberal Prime Minister Justin Trudeau, potentially affecting his standing in an upcoming election.

Read more: First Lady Tinubu donates $100,000 for Nigerian Hospital in Sierra Leone

About The Author

Related Articles

Bandits Attack

Bandits Kill Two, Abduct NYSC Members on Ifon/Owo Road in Ondo

According to reports, bandits launched a deadly attack on passengers travelling along...

Police suspected Kidnappers

Lagos Police Unable to Identify 9 Killed Suspected Kidnappers in Mushin

The Lagos State Police Command has said it cannot identify the nine...

Enugu Anti-malaria Drugs

Enugu: Health Director Cautions Against Unnecessary Use Of Anti-Malaria Drugs

Dr Uchechukwu Okenwa, Director of Public Health and Disease Control at the...

Ethiopian Airlines Removes Passenger to Accommodate Minister on Flight
Human RightsNews

Ethiopian Airlines Removes Female Passenger to Accommodate Minister on Flight

A female passenger was removed from her seat without an apology from...