Canada's Home Buyer Ban Extended: What It Means for Foreigners and the Housing Market Until 2027

Canada has extended its ban on foreign home buyers until 2027 to keep more homes available for its citizens and permanent residents. This move restricts non-Canadians from purchasing residential properties, with exceptions for specific situations like inheritance or property development.

Amendments in 2023 allow non-Canadians with valid work permits to buy mixed-use and commercial land under certain conditions, facilitating participation in Canada's development while ensuring compliance with housing regulations.

Violating this act is considered a criminal offence, with penalties including fines and forced sale of properties. This policy is part of Canada's broader strategy to make housing more accessible and affordable amidst a rising average home price.