Canada has extended its ban on foreigners buying residential property, but South Africans living in the North American country should not worry. <\/p>\n\n\n\n
In 2022, the Canadian government passed the Prohibition on the Purchase of Residential Property by the Non-Canadians Act to stop foreign investors from buying residential property in Canada. This was intended to ensure that Canadian citizens were not priced out of the housing market. <\/p>\n\n\n\n
Chrystia Freeland, the Canadian Deputy Prime Minister and Minister of Finance, said that the government now intends to extend the ban by an additional two years. <\/p>\n\n\n\n
The ban on foreign ownership of Canadian housing will thus be extended from January 1, 2025 to January 1, 2027.<\/p>\n\n\n\n
\u201cBy extending the foreign buyer ban, we will ensure houses are used as homes for Canadian families to live in and do not become a speculative financial asset class. The government is intent on using all possible tools to make housing more affordable for Canadians across the country,” Freeland said. <\/p>\n\n\n\n
South African emigrants should not worry <\/strong><\/p>\n\n\n\n However, South Africans living in Canada should not fear the ban, as it only targets foreign commercial enterprises and people who are not Canadian citizens or<\/strong> permanent residents. <\/strong><\/p>\n\n\n\n Thus, the 51,190 South Africans living in Canada (according to the latest Canadian Census data) will not be barred from buying property in the North American country as per the ban. <\/p>\n\n\n\n