Federal government extends foreign buyer ban on Canadian homes to 2027
The federal government will continue to ban foreign nationals from buying homes in Canada for another two years as housing affordability concerns continue to trouble cities across the country.
Finance Minister Chrystia Freeland made the announcement today, saying Canada is extending its foreign homebuyer ban up until 2027.
Under the ban, which first came into effect in 2023, foreign commercial enterprises and people who are not Canadian citizens or permanent residents will continue to be prohibited from purchasing residential property in Canada.
Freeland issued a statement saying the extension will ensure houses are used for homes for Canadians and families and do not become a speculative financial asset class.
She says the government plans to use all tools possible to make homes more affordable across Canada.
The initial foreign homebuyer ban was set to expire on Jan. 1, 2025.
This report by The Canadian Press was first published Feb. 4, 2024.
Correction
A previous version said the foreign homebuyer ban first took effect in 2022. In fact, it took effect in 2023. A previous version also incorrectly stated permanent residents are included in the ban
IN DEPTH
'Not the result we wanted': Trudeau responds after surprise Conservative byelection win in Liberal stronghold
Conservative candidate Don Stewart winning the closely-watched Toronto-St. Paul's federal byelection, and delivering a stunning upset to Justin Trudeau's candidate Leslie Church in the long-time Liberal riding, has sent political shockwaves through both parties.
'We will go with the majority': Liberals slammed by opposition over proposal to delay next election
The federal Liberal government learned Friday it might have to retreat on a proposal within its electoral reform legislation to delay the next vote by one week, after all opposition parties came out to say they can't support it.
Budget 2024 prioritizes housing while taxing highest earners, deficit projected at $39.8B
In an effort to level the playing field for young people, in the 2024 federal budget, the government is targeting Canada's highest earners with new taxes in order to help offset billions in new spending to enhance the country's housing supply and social supports.
'One of the greatest': Former prime minister Brian Mulroney commemorated at state funeral
Prominent Canadians, political leaders, and family members remembered former prime minister and Progressive Conservative titan Brian Mulroney as an ambitious and compassionate nation-builder at his state funeral on Saturday.
Supports for passengers, farmers, artists: 7 bills from MPs and Senators to watch in 2024
When parliamentarians return to Ottawa in a few weeks to kick off the 2024 sitting, there are a few bills from MPs and senators that will be worth keeping an eye on, from a 'gutted' proposal to offer a carbon tax break to farmers, to an initiative aimed at improving Canada's DNA data bank.
Opinion
opinion Don Martin: Gusher of Liberal spending won't put out the fire in this dumpster
A Hail Mary rehash of the greatest hits from the Trudeau government’s three-week travelling pony-show, the 2024 federal budget takes aim at reversing the party’s popularity plunge in the under-40 set, writes political columnist Don Martin. But will it work before the next election?
opinion Don Martin: The doctor Trudeau dumped has a prescription for better health care
Political columnist Don Martin sat down with former federal health minister Jane Philpott, who's on a crusade to help fix Canada's broken health care system, and who declined to take any shots at the prime minister who dumped her from caucus.
opinion Don Martin: Trudeau's seeking shelter from the housing storm he helped create
While Justin Trudeau's recent housing announcements are generally drawing praise from experts, political columnist Don Martin argues there shouldn’t be any standing ovations for a prime minister who helped caused the problem in the first place.
opinion Don Martin: Poilievre has the field to himself as he races across the country to big crowds
It came to pass on Thursday evening that the confidentially predictable failure of the Official Opposition non-confidence motion went down with 204 Liberal, BQ and NDP nays to 116 Conservative yeas. But forcing Canada into a federal election campaign was never the point.
opinion Don Martin: How a beer break may have doomed the carbon tax hike
When the Liberal government chopped a planned beer excise tax hike to two per cent from 4.5 per cent and froze future increases until after the next election, says political columnist Don Martin, it almost guaranteed a similar carbon tax move in the offing.
CTVNews.ca Top Stories
2 Albertans accused of threatening to kill Trudeau, Freeland, Singh
Men from Edmonton and Calgary are accused of threatening to kill some of Canada's top government leaders.
Four suicides in New Zealand linked to Ontario's Kenneth Law
New Zealand's coroner has ruled that four of its citizens died after ordering products from an Ontario man who is facing murder charges for selling poisonous substances.
Athletes show off stylish and expensive team clothing for the 2024 Olympic Games
Canadian athletes attempting to reach the podium at the Paris 2024 Olympic Games will also be looking fashionable for the entire world to see.
These are the four leading vice-presidential picks for Kamala Harris' campaign
No one knows the importance of selecting the right running mate better than Vice President Kamala Harris.
Toronto woman charged with voyeurism after taking 'intimate' photos during massage: police
A Toronto woman who allegedly took 'intimate' photos of an individual who was getting a massage has been charged with voyeurism, police say.
Bear showing 'signs of severe stress' in Florida likely just overheated: wildlife commission
An allegedly depressed bear that had shown "signs of severe stress" in Florida has captured the attention of many after a post from local sheriffs.
What steps are you taking to address mortgage costs? We want to hear from you
Are you one of the many Canadians struggling to keep up with their mortgage payments and trying to keep their home? CTVNews.ca wants to hear from you.
IN PICTURES Here's what Calgary's new event centre will look like
The name of Calgary’s new event centre was unveiled on Monday. The arena will be called Scotia Place.
Kamala Harris endorsement excites Democrats, but what could it mean for Canada?
U.S. President Joe Biden's endorsement of Vice-President Kamala Harris as his possible replacement stirred excitement among Democrats, but one analyst has concerns about what a potential Harris presidency would mean for Canada.
Local Spotlight
'It looks scary, but they're harmless': Bees removed from Winnipeg street light
A swarm of bees living in a lamppost in Winnipeg’s Sage Creek neighbourhood has found a new home for its hive.
'Powerful symbol of the progress we have made': Land being returned to Manitoba Métis Federation
Around 100 acres of Manitoba Crown Land near the Saskatchewan border is being returned to the Métis community.
Cape Breton moose hunting suspended for 3 years due to 'significant' drop in population
Nova Scotia is suspending the licensed Cape Breton moose hunt for three years due to what the province is calling a “significant drop” in the population.
Social media prank could lead to charges after teens allegedly damage homes
A well-known childhood prank known as 'nicky nicky nine doors,' or 'ding dong ditch,' has escalated into a more serious game that could lead to charges for some Surrey, B.C. teens.
Benefit concert to be held for N.B. teen badly injured in 'freak accident'
It's been more than a month since their good friend was seriously hurt in an accident and two teens from Riverview, N.B., are still having a hard time dealing with it.
Here's what happens to rejected Halifax bridge coins
Halifax bridges have collected thousands of coins from around the world.
Video shows B.C. grizzly basking in clawfoot tub
A donated clawfoot bathtub has become the preferred lounging spot for a pair of B.C. grizzly bears, who have been taking turns relaxing and reclining in it – with minimal sibling squabbling – for the past year.
Cemetery 'investigators' connecting families with forgotten gravestones
A pair of cemetery investigators are cleaning and preserving as many gravestones they have permission to work on, as they conduct their research and document gravestones.
'Just so grateful': B.C. man uses Google Lens to reunite woman with lost family heirloom
After more than three years, a B.C. woman has been reunited with a lost family heirloom.