Canada is having a hard time making housing affordable. This is thought to be because more immigrants and foreign students are coming to the country, which increases demand for homes.
Canada extended a ban on foreign ownership of Canadian housing for another two years on Sunday. The country said this was done to ease concerns that Canadians were being priced out of housing markets in cities and towns across the country.
Canada is having a hard time finding affordable housing. This is thought to be because of more immigrants and foreign students, who are driving up demand for homes even though rising costs have slowed down construction.
The ban on foreign ownership of Canadian housing, which was set to end on January 1, 2025, will now last until January 1, 2027. This is part of efforts to make housing more cheap for Canadians, according to a statement from Canada’s deputy prime minister, Chrystia Freeland.
Foreign ownership has also made the Canadian government worried that Canadians will not be able to afford to live in cities and towns across the country. Canada put a two-year limit on foreign student permits last month and said it would stop giving work permits to some students after they graduate. The country wants to stop the record number of newcomers who are making the housing crisis worse.
Rapid population growth caused by immigration has put a strain on services like schooling and health care and has made housing more expensive. Many people don’t back Liberal Prime Minister Justin Trudeau because of these problems. Polls show that he would lose an election right now.
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