Canada has imposed a two-year ban on most foreign buyers purchasing residential property as an investment. The Prohibition on the Purchase of Residential Property by Non-Canadians Act, which came into effect on January 1, aims to make housing more affordable for Canadians. However, the ban includes exceptions for immigrants and permanent residents who are not citizens, as well as students and refugees. It only applies in certain cities and not to vacation homes in recreational areas, but does not apply to foreign buyers with Canadian spouses or partners or those purchasing multifamily dwellings with more than three units. The legislation was passed due to a significant increase in house prices during the pandemic, with many blaming foreign buyers for the spike in prices. Real estate experts have questioned the effectiveness of the ban, citing the need for more housing construction to meet demand.