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06 Feb. 2024

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Canada bans foreigners from buying homes until 2027: are there any exceptions?

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Canada bans foreigners from buying homes until 2027: are there any exceptions?

The Canadian government is extending the ban on foreigners buying homes for another two years. Find out more about the reasons for this decision and who is still eligible to buy

An insurance policy is a guarantee of your safety and peaceful stay outside of Ukraine
An insurance policy is a guarantee of your safety and peaceful stay outside of Ukraine
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Foreigners who have dreamed of buying real estate in Canada risk being turned down, as the government has decided to extend the ban on such transactions until at least 2027. This was reported by Bloomberg.


Why is Canada refusing to allow foreigners to buy homes until 2027?


The reason for the ban is the rapid growth of housing prices across the country, especially in the cities of Toronto and Vancouver. The government has decided to meet the needs of local residents and extend the restrictions on real estate purchases.


As you know, foreigners were banned from buying homes in Canada back in 2022 as the country struggled to cope with the effects of the COVID-19 pandemic. Although the government planned to lift the restrictions in 2025, the ban will now last until at least January 1, 2027.


Representatives of the Canadian government have already commented on the changes. In particular, Minister of Finance Chrystia Freeland noted that this decision was made out of concern for Canadian families.




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"By continuing the ban on foreigners buying real estate, we are ensuring that homes remain homes for Canadian families, not objects of speculation," she said in a statement.


The Canadian government is actively working to make housing as affordable as possible for local residents. However, real estate prices are rising rapidly. In December 2023, the average housing price exceeded 730 thousand Canadian dollars, which is 36% higher than five years ago.


Nevertheless, there are exceptions to these restrictions for foreigners who buy vacant land for development, are on long-term study in Canada, or have a work permit and have been working in the country for a long time.

We remind you! Earlier, we wrote that the number of Ukrainian refugees to Canada is expected to increase significantly in the near future. Find out more about how many Ukrainians the country expects to accept.

Want to know more? Read the latest news and useful materials about Ukraine and the world in the News section.




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