Curb unproductive foreign ownership Share We will temporarily ban new foreign ownership in Canadian housing to ensure Canadians have more access to purchasing homes. As a temporary measure to help stabilize the housing market coming out of COVID-19, we will ban foreign money from purchasing a non-recreational, residential property in Canada for the next two years, unless this purchase is confirmed to be for future employment or immigration in the next two years. This will also allow us to work with provinces and municipalities to develop a framework to better regulate the role of foreign buyers in the Canadian housing market so that this money does not deter housing from being available for and used by Canadians. As outlined in Budget 2021, we are implementing, starting January 1, 2022, Canada’s first-ever national tax on non-resident, non-Canadian owners of vacant, underused housing and we will extend this to include foreign-owned vacant land within large urban areas. Unlock Home OwnershipHelp renters become ownersAfford a downpayment, fasterMore flexible First-Time Home Buyer IncentiveSave on your closing costs of buying a homeReduce your monthly mortgage costs when you need it mostBuild More HomesGive cities the tools to speed up housing constructionBuild and repair more affordable housingConvert empty office space into housingHelp different generations of a family live togetherSupport Indigenous HousingEnd chronic homelessnessProtect Your RightsIntroduce a Home Buyers’ Bill of RightsCurb unproductive foreign ownershipStop Excessive Profits in the Financialization of HousingStrengthen federal oversight of the housing marketReduce incentives for speculation and house flipping
