In this video interview, Karen Yolevski, COO of Royal LePage, talks about the impact the extension of the foreign homebuyer ban will have on the real estate market in Canada.
The federal government has announced a two-year extension on the ban of foreign nationals buying homes in Canada, as housing affordability concerns continue to trouble Canadians across the country.
In 2022, the federal government passed the Prohibition on the Purchase of Residential Property by Non-Canadians Act, which bans foreign investors from buying non-recreational residential property in Canada. The Act was previously set to expire on January 1st, 2025, and has been extended to January 1st, 2027.
Given that housing affordability has not greatly improved since the Act’s implementation, Royal LePage believes that an extension to the foreign buyer ban will not make a material difference on bettering access to housing for Canadians.
“We do not foresee an extension to the foreign buyer ban resulting in a drastic improvement to housing affordability. Non-Canadian property ownership makes up a small percentage of the overall housing market, therefore a ban on such ownership is not likely to improve access to housing in a material way,” said Karen Yolevski, COO, Royal LePage Real Estate Services Ltd. “Given the imbalance between available inventory and buyer demand, the best way to solve Canada’s housing crisis is to significantly increase supply.”
Mario Toneguzzi is Managing Editor of Canada’s Podcast. He has more than 40 years of experience as a daily newspaper writer, columnist, and editor. He was named in 2021 as one of the Top 10 Business Journalists in the World by PR News – the only Canadian to make the list
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