Statement on extension to the Prohibition on the Purchase of Residential Property by Non-Canadians Act

Upon its initial announcement in 2022, the Canadian Real Estate Association (CREA) submitted a written consultation to CMHC highlighting several areas of the legislation which would have negative unintended consequences on the Canadian housing market and economy.

“The newly announced two-year extension is completely unnecessary, considering the fact there is no analysis, evidence or data from Statistics Canada, CMHC, or Finance Canada, to support the government’s intended impact on housing affordability in Canada,” said Janice Myers, CREA CEO. “If the government decides to move forward with this baseless extension, CREA urges them to consider recommendations including exempting pre-construction financing, defining and exempting recreational property, including CUSMA exemptions, and giving provinces input to tailor to their housing market requirements," she added. 

Since its implementation, CREA has questioned the impact of the ban and whether it truly had an impact on housing affordability in Canada.

While CREA supports the government’s desire for housing to be first and foremost used by Canadians, there are other policy measures that could better achieve the intended policy objective without frustrating supply increases. We believe the federal government should focus its efforts on policies that support the construction of more housing across the entire continuum.

About the Canadian Real Estate Association

The Canadian Real Estate Association (CREA) is one of Canada’s largest single-industry associations. CREA works on behalf of more than 160,000 REALTORS® who contribute to the economic and social well-being of communities across Canada. Together they advocate for property owners, buyers, and sellers.

For more information, please contact:
Pierre Leduc, Media Relations
The Canadian Real Estate Association
Tel.: 613-237-7111 or 613-884-1460
E-mail: pleduc@crea.ca­