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