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.