The Canada Mortgage and Housing Corporation announced regulations for the ban imposed on foreign home buyers, which will come into effect on the first of next January.

Also, starting from the new year, foreign commercial companies and individuals will be prohibited from purchasing residential properties in Canada for two years.

The ban, approved by Parliament on June 23, aims to address the challenges of housing affordability.

However, there are some exceptions, including those with temporary work permits, asylum seekers, and international students who meet certain criteria.

Also, non-Canadians who violate the ban will be fined up to $10,000 and may be required to sell the property.

In a press statement, Housing Minister Ahmed Hussein said today that housing should not be a "commodity" and that the ban will ensure that homes are owned by Canadians.