Toronto: Canada extended the ban on foreign home buyers for two additional years. The decision was taken to make housing more affordable for Canadians. Canada is facing a housing affordability crisis, which has been blamed on an increase in migrants and international students.
‘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.
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Last month, Canada announced a two-year cap on international student permits and said it would also stop giving work permits to some students after graduation. The move, expected to reduce study permit approvals by 35 per cent to roughly 360,000 in 2024.
The decision will impact Indian students. Indian students comprised 40 per cent of Canada’s international student population in 2022. Canada is a popular destination for Indian students seeking both education and a path to permanent residency.
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