Canada on Sunday announced a two-year extension to a ban on foreign ownership of Canadian housing, saying the step was aimed at addressing worries about Canadians being priced out of housing markets in cities and towns across the country, Paralel.Az reports citing Reuters.

Canada is facing a housing affordability crisis, opens new tab, which has been blamed on an increase in migrants and international students, fueling demand for homes just as rising costs have slowed construction.

"As part of using all possible tools to make housing more affordable for Canadians, the ban on foreign ownership of Canadian housing, which is currently set to expire on January 1, 2025, will be extended to January 1, 2027," Canadian Deputy Prime Minister Chrystia Freeland said in a statement.

The Canadian government has said foreign ownership also has fueled worries about Canadians being priced out of housing markets in cities and towns across the country.