Canada May Open New Homes to Foreign Buyers

The Canadian government proposed exempting newly built homes from its foreign homebuyer ban while extending restrictions on existing properties until 2029, in its budget.
The proposed exemption aims to unlock additional investment in new housing supply while keeping the vast majority of Canada's housing market available for Canadians.
The government said it would continue supporting housing policy measures from other levels of government, including measures addressing speculation and market pressures in Canada.
Canada's housing industry has called for changes that open the door to foreign investment, an objective reflected in the government's proposed exemption for new builds.
The government promised to introduce legislation and launch a regulatory process for changes to Canada's foreign homebuyer ban, following its announcement in the budget.