Canada extends foreign buyer ban despite limited impact
The federal government has extended its ban on foreign home purchases by two years, but there has been ongoing debate regarding its effectiveness.
A new report from the Financial Accountability Office of Ontario estimates that more than 76,000 people are currently unhoused, up more than 23% over the past four years. That number is expected to exceed 88,000 within the next three years.
The report points to several factors behind the trend, including worsening housing affordability, strong population growth, and limited funding for programs such as emergency shelters, rent assistance, and community outreach.
The findings have reignited calls for government action. Some politicians and housing advocates want increased investment in supportive housing and stronger protections for renters.
Recent changes to Ontario's Residential Tenancies Act suggest the province is already taking steps in that direction. New rules have tightened requirements around personal-use evictions, making it harder for landlords to remove tenants in bad faith. Could this latest report prompt even more action? It's certainly worth watching.
In the meantime, property managers can play a role of their own. Working with landlords to add garden suites to their properties can help increase local housing supply, while partnering with community organizations that support people transitioning from shelters into rental units can create pathways to long-term housing for those who need it most.
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