The policy, which was initially instituted to increase the number of housing units available to Canadians for purchase, will now be in place for an additional two years. Initially, the home buyer ban was set to expire at the start of 2025.

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Under this extended policy, non-Canadians (those who are not Canadian citizens or permanent residents) are prohibited from buying residential property, which is defined as buildings with 3 dwelling units or less, and includes semi-detached houses, and condominium units. Non-Canadians can still purchase residential properties outside of Census Metropolitan Areas and Census Agglomerations.