The Canadian government is moving to make it illegal for foreigners to buy any residential properties in the country for the next two years, CTV News reported Wednesday.

The foreign buyers ban will apply to condos, apartments, and single residential units. Permanent residents, foreign workers and students will be excluded from this new measure. Foreigners who are purchasing their primary residence will be exempt, the report said.

"The objective is to keep houses in Canada for Canadians," CTV News quoted a government official as saying.

According to the report, the policy change will be legislated, giving the government powers to prescribe penalties and potential judicial powers to address instances of non-compliance. There is no cost attached to this foreign buyer measure yet.

Housing affordability is going to be a main feature of Thursday's federal budget, the report said, given the housing crunch, the lack of inventory, and the skyrocketing prices. Thursday's budget will include the speedier construction of residential properties, the construction of affordable housing units, as well as loans and funding for co-op housing.

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