Canada is preparing a policy review that could change its foreign homebuyer ban starting in 2027, while keeping the existing prohibition in place through 2026, according to housing minister Gregor Robertson.
Robertson said the government will maintain the prior administration’s decision to extend the prohibition on foreign buyers through 2026, but will use the next year to evaluate what has worked in other countries, particularly Australia.
The minister linked the review to a broader government effort to increase the supply of affordable places to live, referencing reopening “to more foreign capital,” and explicitly flags Australia as a primary reference point for what to study.
Public reaction in the notes is sharply negative in tone, including a comment characterizing the move as politically motivated to win more votes from a different sector ahead of the next federal election.
The federal foreign homebuyer ban began on January 1, 2023, to supposedly support housing affordability by limiting non-Canadian purchases of residential property so more homes remain available to people living in Canada. While it was initially framed as a two-year measure, it has since been extended so it remains in effect through 2026.
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One Response
It is a war between the upper and lower legs of the “K” — the haves and the have-nots. Although I own a home, I think it is ridiculous to have houses out of the reach of the average working family and not what Canada was up until this millennium. If foreigners truly want to invest in Canada multi-famliy rental housing, that is a win-win. Otherwise, as with many policies Canada and the Western World needs to find the easiest way to level out the wealth distribution.