Ottawa, Feb. 6 -- The federal government of Canada will continue to ban foreign nationals from buying homes in the country till 2027 due to housing affordability concerns continuing to trouble cities.

Finance Minister Chrystia Freeland in a statement has announced that Canada is extending its foreign homebuyer ban, which was set to expire on Jan 1, 2025, up until 2027.

First coming into effect in 2023, tha ban implies that non-Canadian people, including permanent residents, and commercial enterprises are prevented from buying homes here.

The Canada Mortgage and Housing Corp. (CMHC) said that 3.5 million additional homes on top of expected growth need to be built by 2030 to reach affordability.

Freeland said the government plans to use...