The Canadian government has extended the ban on foreign investors buying residential property for another two years, which will continue till 2027

Ottawa: The Canadian government has extended the ban on foreign investors buying residential property in the country for two years. This ban is already in effect from January 1, 2023 and now it has been extended till January 1, 2027. The government has announced this in the annual budget proposals for the next financial year 2024-25. Actually, there were reports that foreign students and some other people were not getting houses to live in big cities. A ban has been announced to solve the same problem. Now no foreign investor company or individual will be able to buy residential property in Canada to make profits. Canadian citizens and permanent residents (foreigners with PR) will not be affected by this restriction.

It is worth noting here that in the $39.8 billion deficit budget presented by Deputy Prime Minister and Finance Minister Chrystia Freeland, new expenditure of $53 billion has been added for the next five years. This budget is said to be focused on the construction of residential houses and other buildings. Apart from this, the government of Prime Minister Justin Trudeau has also started ‘Halal Mortgage Scheme’ for the Muslim community, so that people of this community can also buy houses in Canada. In fact, Halal mortgages are designed in accordance with Islamic Sharia, under which interest transactions are completely prohibited. This scheme is also being opposed on social media and it is being said that such an announcement has been made only to benefit a section of the society. Some financial institutions in Canada already have such facilities.