Canada extends ban on foreign ownership of housing by two years
news.yahoo.com
Canada on Sunday announced a two-year extension to a ban on foreign ownership of Canadian housing, saying the step was aimed at addressing worries about Canadians being priced out of housing markets in cities and towns across the country. Canada is facing a housing affordability crisis, which has been blamed on an increase in migrants and international students, fueling demand for homes just as rising costs have slowed construction. "As part of using all possible tools to make housing more affordable for Canadians, the ban on foreign ownership of Canadian housing, which is currently set to expire on January 1, 2025, will be extended to January 1, 2027," Canadian Deputy Prime Minister Chrystia Freeland said in a statement.

(Reuters) - Canada on Sunday announced a two-year extension to a ban on foreign ownership of Canadian housing, saying the step was aimed at addressing worries about Canadians being priced out of housing markets in cities and towns across the country.

Canada is facing a housing affordability crisis, which has been blamed on an increase in migrants and international students, fueling demand for homes just as rising costs have slowed construction.

  • dogslayeggs@lemmy.worldEnglish
    2·
    10 months ago

    They are. I have had multiple contractors tell me they don’t want to even bid on building my back-house because I live on a different side of town. They are turning down $50k jobs because they are at capacity in their neighborhood without having to fight traffic getting to mine. And we’re only talking 15 miles here.

    And my general construction go-to guy has almost tripled how much he charges for small jobs.