Canada Bans Most Foreigners From Buying Residential Property

A for sale sign is displayed in front of a house in the Riverdale area of Toronto in a file photo. The Canadian Press/Evan Buhler

The Canadian government has implemented a temporary ban on foreigners buying residential property for two years.

The Prohibition on the Purchase of Residential Property by Non-Canadians Act took effect Jan. 1, as Ottawa attempts to ease a housing shortage among Canadian citizens.