OTTAWA — The Green Party of Canada is calling on the federal government to reject developer pressure to lift the foreign buyer ban, warning that doing so would entrench the very system that made housing unaffordable in the first place.
“This isn’t about building homes. It’s about protecting a business model that relies on selling Canadian real estate to global capital,” said Green Party Leader Elizabeth May. “Developers are sitting on unsold pre-construction units and want the federal government to help them offload them to foreign investors. That’s not housing policy, that’s profiteering.”
The request, detailed in a pre-budget submission from major developers including Mattamy, Great Gulf, Minto and DiamondCorp, proposes re-opening the market to international buyers in order to “unlock billions” in private capital. But the Green Party says that approach would only deepen Canada’s dependence on speculative investment and put the dream of homeownership even further out of reach for ordinary Canadians.
“The housing crisis isn’t local, it’s global. And it’s not just about supply and demand. It’s about inequality,” said May. “From London to Lisbon to Vancouver, the story is the same: the ultra-rich are buying up assets — like housing — and working people are being priced out. Until we confront that fact, nothing will change.”
The party argues that letting foreign capital back into the pre-construction market would do little to solve Canada’s housing shortfall, but a great deal to inflate developer profits and keep land values artificially high. It would also further skew the kinds of housing being built: not co-ops, not affordable rentals, but luxury real estate built to attract cash, not families.
“Developers are claiming they can’t finance projects without foreign investment. What they’re really saying is that they’ve built a system so dependent on speculative capital that they can’t function without it,” said Mike Morrice, Green Party Housing & Disability Inclusion Critic. “That’s not a reason to change the rules. That’s a flashing red warning to change the system.”
The Green Party is calling instead for a return to large-scale federal investment in non-market housing, especially non-profit rentals and cooperative housing, alongside strong measures to curb speculation and financial landlordism. That includes rejecting tax breaks for luxury rental developers and ending backdoor subsidies to corporate landlords who profit from scarcity.
“This is a moment of clarity. The developers have shown us exactly what kind of housing economy they’re fighting for,” said May. “Now it’s up to the rest of us to fight back — and build something better.”
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