Robertson said that the government would keep the previous administration's decision to extend the ban on housing for foreigners until 2026. However, over the next year, it will analyze the experience of similar countries, in particular Australia.
"We need to determine the optimal role of foreign capital in the housing market," said the former mayor of Vancouver in an interview with Bloomberg News.
"We need to make sure that housing is built and owned by Canadians in the first place," Robertson said. "However, we are seeing more innovation in this issue in countries such as Australia, which allow foreigners to invest in the construction of luxury new housing or, in some cases, rental housing."Canada has banned most foreign investors from buying non-holiday properties starting in 2023, following a sharp rise in prices amid record low interest rates. Later, the law was changed to allow them to invest in the development of vacant land. However, developers have criticized this ban in general for preventing capital from being raised to finance new housing.
According to Australian law, which Canadians will consider as an example, foreigners are generally prohibited from buying second homes, but they can purchase new homes, as well as vacant land for development. These rules are designed to curb price increases and at the same time increase supply.
Robertson said it was "premature" to discuss specific details. The government will make a decision based on the state of the housing market in a year.
Source: Bloomberg
