OTTAWA, Feb. 4 (Xinhua) -- The Canadian federal government announced Sunday its intent to extend the existing ban by an additional two years on foreign ownership of Canadian housing.

The ban on foreign ownership of Canadian housing, which is currently set to expire on Jan. 1, 2025, will be extended to Jan. 1, 2027, according to a news release issued by the country's department of finance.

Foreign commercial enterprises and people who are not Canadian citizens or permanent residents will continue to be prohibited from purchasing residential property in Canada, the release said.

Foreign money has been coming into Canada to buy up residential real estate, increasing housing affordability concerns in cities across the country, particularly in major urban centers, the release said.

Foreign ownership has also fueled worries about Canadians being priced out of housing markets in cities and towns across the country, the release added.

In 2022, the federal government passed the Prohibition on the Purchase of Residential Property by Non-Canadians Act to ban foreign investors from buying residential property in Canada.