Majority of Canadians support ban on foreign real estate buyers

The vast majority of Canadians say the federal government was right to ban foreign purchases of Canadian residential real estate.

According to a Research Co. survey released Thursday, 76 per cent of Canadians support the federal goverment’s ban, which will remain in effect until Jan. 1, 2027,

Research Co. president Mario Canseco says the feeling runs across party lines.

“Majorities of Canadians who in 2021 voted for the Conservatives (82 per cent), the Liberals (78 per cent) or the New Democrats (also 78 per cent) are in favour of the ban on foreign real estate purchases,” he said.

Meanwhile, 13 per cent of those surveyed say they oppose the ban and 11 per cent are undecided.

Almost six in ten Canadians say the federal government should tie immigration numbers to affordable housing targets and new housing starts. This is highest among B.C. respondents and Liberal Party voters.

The poll also found that only one-third of Canadians “completely” or “moderately” trust for-profit developers when it comes to building affordable housing.

Earlier this week, BC Real Estate Association chief economist Brendan Ogmundson told 1130 NewsRadio that he supports letting foreign buyers back in, but only for new builds, because if developers can’t sell units now, projects will stall.

“It means that future projects maybe don’t start, and if those projects don’t start in the next couple of years, then we get to a situation three to four or five years from now where all of a sudden, we have a huge shortage of housing again,” he said.

— With files from Michael Williams