The federal government has officially announced the extension of the ban on foreign citizens from buying homes in Canada for a period of up to two years until 2027.

Finance Minister Chrystia Freeland also announced this decision and confirmed that the decision will continue until 2027.

The decision comes at a time when there are concerns about housing affordability across Canada.

The ban was first implemented in 2022, which prohibited non-Canadians, including permanent residents and business entities, from the right to purchase a home in Canada.

It is worth mentioning that Freeland issued a statement on this matter in which she explained that this decision will allow Canadians

to have homes that are private for them and not a means for speculation and profit.

The decision was originally scheduled to expire by 2025.