Canada's ban on foreign homebuyers is unlikely to affect housing affordability

A new act in Canada bans non-citizens, non-permanent residents and foreign commercial enterprises from buying Canadian residential properties. (Shutterstock)

As of Jan. 1, 2023, foreign buyers are banned from buying homes in Canada for two years under the Prohibition on the Purchase of Residential Property by Non-Canadians Act. The ban was passed in June 2022, but only came into effect this month.