The Canadian government has announced the extension of a measure aimed at addressing the housing shortage and soaring prices. Initially intended to last for two years, from 2023 to 2025, the prohibition on foreigners buying residential properties will now be extended for an additional two years until January 1, 2027. Foreign investors who violate the law will face a fine of 10,000 Canadian dollars (6,900 euros) and their property may be put up for sale.
The law, which applies only to urban residences and not to tourist properties, includes exceptions for refugees, permanent residents, certain international students, and temporary workers. Critics have called for the government to focus on building more housing to meet the demand, and the government has responded by allocating billions of dollars to the construction of new homes and the repurposing of federal land for apartment buildings. Amid mounting opposition criticism, the government has also announced the imposition of a cap on visas for foreign students, whose numbers have surged in recent years, further exacerbating the housing crisis.
These measures come as the government faces increasing pressure to address the housing issue.