The Canada Mortgage and Housing Corporation has announced a ban on foreign homebuyers as a new regulation, with the decision coming into effect on January 1. 

Foreign commercial enterprises and people will be prohibited from buying residential properties in Canada for a period of 2 years.

Passed by the parliament on June 23, the ban aims to ameliorate challenges in housing affordability. 

However, there are some exceptions to the ban: Those with temporary work permits, refugee claimants, and international students. 

Non-Canadians breaking the regulation will be fined up to $10,000, and may be ordered to sell the estate. 

Housing Minister Ahmed Hussen said that housing shouldn't be a "commodity," and that Ottawa will ensure that Canadians will own homes. 

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