As of 2023, foreign buyers in Canada will face stricter restrictions on purchasing property in the country. The new foreign buyers ban, which was announced by the Canadian government in 2022, is aimed at addressing concerns about affordability and availability of housing for Canadian residents, as well as potential foreign speculation in the real estate market.

Under the new ban, foreign nationals will be prohibited from purchasing property in most regions of Canada unless they are studying or working in the country, or are immediate family members of Canadian citizens or permanent residents. The ban will apply to both residential and non-residential properties.

The foreign buyers ban has been met with mixed reactions from both foreign buyers and Canadian residents. Some foreign buyers have criticized the ban, arguing that it unfairly targets non-resident buyers and may discourage investment in the Canadian real estate market.

Canadian residents, on the other hand, have generally supported the ban, with many arguing that it helps to address the affordability and availability issues caused by foreign buyers. Some studies have found that similar bans in other countries have had a positive impact on housing affordability, although it is worth noting that other factors, such as economic conditions and government policies, may also have contributed to changes in the housing market.

Overall, the foreign buyers ban is a significant development in the Canadian real estate market, and its impact will likely be felt by both foreign buyers and Canadian residents. While it is difficult to predict exactly how the ban will affect the market, it is clear that foreign buyers have played a significant role in the Canadian real estate market in recent years, and that their presence has had both benefits and drawbacks.