The Trudeau government is set to unveil a budget on Thursday that would contain multiple measures on housing affordability, including a ban on foreign homebuyers, CTV News has learned.

Sources said the Liberals will make it illegal for foreigners to buy residential properties in Canada for the next two years. The properties include condos, apartments and single residential units.

Permanent residents, foreign workers and students will be excluded from the measure, as well as foreigners buying their primary residence in Canada.

“The people that will be banned are those that buy the home and never come to Canada to live in it and leave the home empty while the inventory is low and people can’t buy homes,” said CTV News’ Ottawa Bureau Chief Joyce Napier.

Prime Minister Justin Trudeau pledged during the 2021 federal election campaign that he would introduce a two-year ban on foreign homebuyers.

Other measures to be introduced in Thursday’s budget include $4 billion to help municipalities update their zoning and permit systems to make way for faster construction of residential properties, $1.5 billion in loans and funding for co-op housing and $1 billion for construction of affordable housing units.

It is unclear how many units will be built under the two spending measures. The housing package is expected to total about $10 billion over the next five years.

Last week, the Ontario government announced a hike on the non-resident speculation tax and expanded it across the province.

Finance Minister Chrystia Freeland will deliver the budget on Thursday at 4 p.m.

You can stream it live on or the CP24 app.

- With files from CTV News