To control the unprecedented number of immigrants who are perceived to be exacerbating the housing issue, Canada declared last month that it would immediately impose a two-year cap on foreign student visas and that it would also cease issuing work permits to some graduates.
Immigration-driven rapid population growth has increased demand for public services like healthcare and education and contributed to rising housing costs. Opinion surveys indicate that Liberal Prime Minister Justin Trudeau would lose an election if one were conducted right now due to these factors, which have affected his support.
“As part of using all possible tools to make housing more affordable for Canadians, the ban on foreign ownership of Canadian housing, which is currently set to expire on January 1, 2025, will be extended to January 1, 2027,” Canadian Deputy Prime Minister Chrystia Freeland said in a statement.
The concerns about foreign ownership have also been expressed by the Canadian government, as it could lead to Canadians being priced out of housing markets in various cities and towns across the country.
To address the housing crisis, Canada recently implemented a two-year cap on international student permits and stopped giving work permits to some students after graduation. This move was made to control the influx of newcomers, which has been seen as a contributing factor to the crisis.
The country’s population has grown rapidly due to immigration, which has resulted in increased pressure on services such as healthcare and education, as well as a rise in housing costs. As a consequence, Liberal Prime Minister Justin Trudeau’s support has been impacted, with recent polls indicating that he could lose an election if it were held presently.