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Canada’s Foreign Buyer Ban is now in Effect

The Prohibition on the Purchase of Residential Property by Non-Canadians Act is a new law that took effect on January 1, 2023. It prohibits non-citizens and non-permanent residents of Canada from purchasing residential property in the country for two years.

Who falls under this regulation?
This act prohibits the purchase of residential real estate by individuals or corporations that are not Canadian citizens, permanent residents, or incorporated in Canada, including those controlled by foreign entities.

Who is exempt from this regulation?
Non-Canadians with a spouse or common-law partner who is a Canadian citizen, permanent resident, person registered under the Indian Act or refugee are exempt from the ban. Those in Canada on temporary work permits and student permits are still allowed to buy residential properties as long as they meet certain criteria.

IK Financial Mortgage Team operates on behalf of Mortgage Edge. Lic#10680

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