Extension of foreign homebuyers ban 'xenophobic,' won't help housing: experts

Experts say Canada’s extension of the foreign homebuyers ban will do little to quell the housing crunch the country is facing.

Experts say Canada’s extension of the foreign homebuyers ban will do little to quell the housing crunch the country is facing.

The federal government announced last week that it would extend the ban on foreign home buyers for another two years in a bid to help with soaring housing costs in Canada, particularly in Toronto and Vancouver.

“By extending the foreign buyer ban, we will ensure houses are used as homes for Canadian families to live in and do not become a speculative financial asset class,” Finance Minister Chrystia Freeland said in a statement Sunday.