Canada extends ban on foreign ownership of housing by two years

FILE PHOTO: Houses are seen under construction in a neighbourhood of Ottawa, Ontario, Canada April 17, 2023. REUTERS/Lars Hagberg

(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.