Does Ontario restrict foreign ownership of farmland the way some other provinces do?

Not in the same targeted way. Some other provinces have specific legislation restricting non-resident or non-Canadian ownership of agricultural land as such, but Ontario does not have a comparable farmland-specific foreign ownership law. That doesn't mean foreign buyers of Ontario rural property face no rules at all — it means the rules that do apply are the general property rules, not a farmland-focused restriction.

Ontario's Non-Resident Speculation Tax applies to foreign nationals, foreign corporations, and certain trustees who buy "designated land" containing one to six single-family residences, including condo units, and this can catch a rural residential property with a qualifying home on it. Separately, the federal government's ban on the purchase of most residential property by non-Canadians can also apply depending on the property. Neither of these is a farmland ownership law specifically, though — a large working farm parcel without a qualifying residential structure, bought for genuine agricultural use, generally falls outside both regimes' focus on residential property. Because how a specific rural property is classified and used affects which rules apply, a foreign buyer or their advisor should assess the actual property against both the provincial and federal rules directly, rather than assuming farmland is either fully exempt or fully restricted.