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The Government of Canada has passed a new law to help make homes more affordable for people living in Canada. The Prohibition on the Purchase of Residential Property by Non-Canadians Act prevents non-Canadians and corporations controlled by non-Canadians from purchasing residential property in Canada for 2 years.

The Prohibition on the Purchase of Residential Property by Non-Canadians Act applies to individuals who aren’t:

• Canadian citizens

• permanent residents of Canada

• persons registered under the Indian Act.

Key Highlights

• The Prohibition on the Purchase of Residential Property by Non-Canadians Act prevents non-Canadians from buying residential property in Canada for 2 years starting on January 1, 2023.

• The Act defines residential property as buildings with 3 homes or less, as well as parts of buildings like a semi-detached house or a condominium unit. The law does not prohibit the purchase of larger buildings with multiple units.

• The Act has a $10,000 fine for any non-Canadian or anyone who knowingly assists a non-Canadian and is convicted of violating the Act. If a court finds that a non-Canadian has done this, they may order the sale of the house.

Exceptions

• Temporary residents studying in Canada

• Temporary residents working in Canada

• Refugees

• Refugee claimants and individuals fleeing international crises

• Accredited members of foreign missions in Canada

• Section 35 Rights – Indigenous People and Communities

• Exceptions for certain types of property

Visit for more info: 

https://www.cmhc-schl.gc.ca/en/media-newsroom/notices/2022/ensuring-housing-owned-canadians

https://canadagazette.gc.ca/rp-pr/p2/2022/2022-12-21/html/sor-dors250-eng.html

https://laws-lois.justice.gc.ca/eng/acts/P-25.2/page-1.html

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