Canada’s real estate market is a vital component of our national economy and a reflection of our values as a diverse, globally-connected society. Yet since the introduction of the Prohibition on the Purchase of Residential Property by Non-Canadians Act in January 2023, the federal government has taken a restrictive approach that not only limits investment but also sends a message that Canada is closing its doors to international participation in one of our most dynamic sectors.
This legislation, often referred to as the “foreign buyer ban,” was intended to address housing affordability by curbing speculative purchases by non-residents. But with the latest extension of the ban through to 2027, we must now ask: is this policy actually helping Canadians—or hindering economic recovery and growth?
Let’s be clear: the federal government’s permanent resident plan acknowledges the importance of immigration for population growth and economic stability. Canada aims to welcome nearly 500,000 new permanent residents annually—a record number that reflects both our values and the demographic reality of an aging workforce. But if we are welcoming newcomers with one hand while banning them from homeownership with the other, we are contradicting ourselves—and making housing less accessible, not more.
The Ban: A Misguided Approach
At its core, the foreign buyer ban prohibits non-citizens and non-permanent residents from purchasing residential property in Canada. Exceptions exist for international students, refugees, and certain workers under strict conditions—but these are narrow and hard to navigate. The policy was introduced as a political response to affordability concerns, but there is little evidence that foreign ownership was a major driver of housing unaffordability, particularly in 2024 and 2025 when foreign buyer activity fell to record lows.
What’s more, Canadian cities like Toronto and Vancouver were already managing foreign purchases through speculation taxes and non-resident taxes. In fact, in 2022, foreign buyers represented less than 3% of the market in Ontario. The ban addressed a problem that had largely already been mitigated, while creating new complications for real estate professionals and international clients.
Immigration and Ownership Go Hand in Hand
The government’s commitment to high immigration targets means millions of new residents will seek to establish roots in Canada. Homeownership is often one of their first goals. By restricting access to real estate for those who are not yet permanent residents or citizens, we create unnecessary delays and inequities.
It’s important to note that many immigrants arrive on temporary work permits or student visas and later transition to permanent residency. Under the current rules, those individuals are not eligible to purchase homes—even though they contribute to our economy, pay taxes, and often have the financial means to invest in Canadian property. This sends the wrong message about inclusion, stability, and long-term settlement.
As a team of Toronto-based REALTORS® who work closely with newcomers, we’ve seen the confusion and frustration this policy creates. Clients who are eager to buy homes, raise families, and build futures in Canada are being told to wait—often for years. That delay puts pressure on rental markets, increases demand for temporary housing, and further strains an already complex housing supply system.
A Call to Action for Real Estate Boards
It’s time for all Canadian Real Estate Boards to lobby the federal government to lift the foreign buyer ban. Boards like the Toronto Regional Real Estate Board (TRREB) and the Canadian Real Estate Association (CREA) have a responsibility to advocate for balanced, inclusive policies that support both housing affordability and market health.
Rather than a blanket ban, we should return to targeted tax policies, improve data collection on ownership, and increase investment in supply. The solution to affordability lies not in banning demand, but in boosting supply and ensuring smart, evidence-based planning at all levels of government.
As REALTORS®, we are not advocating for unchecked speculation—we are advocating for fair, inclusive access to real estate for all who live, work, and contribute to Canada. That includes newcomers, foreign workers, and transitioning residents.
Why Now?
In 2025, we are facing a very different real estate landscape than we were in 2022. Sales have stabilized, interest rates remain high, and the demand for housing is growing—driven not by foreign capital but by immigration and population growth. The extension of the ban through 2027 is no longer justified.
Canada should be encouraging international investment in ways that align with our economic goals and values—not arbitrarily restricting it. Lifting the ban now would support housing construction, increase economic activity, and send a powerful message that Canada is open, fair, and forward-thinking.
At Silver Burtnick and Associates, we believe in a vibrant, diverse, and sustainable real estate market. We encourage all stakeholders—from policymakers to REALTORS®, to real estate boards across the country—to support lifting the ban and to advocate for smarter housing policies that welcome new Canadians rather than deter them.
If you’re looking to learn more about how this affects you—or want to discuss your options as a buyer or seller in today’s market—visit us at www.Torontoism.com or reach out to Richard Silver, Jim Burtnick, Celia Alves, Jose Sanchez, or Bill Johnston. For stunning visuals and marketing that sets your listing apart, trust our media experts.
Together, we can help shape a more inclusive and prosperous housing future for all Canadians.
Silver Burtnick and Associates | October 2025
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