01/05/2023
Canada's Foreign Homebuyer 2 Year Ban
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.
The foreign home buyers ban in Canada became official on January 1st, 2023. The new law prohibits non-Canadians from purchasing a residential property in Canada for two years.
The Act applies to individuals who are not:
• Canadian citizens
• Permanent residents of Canada
• Persons registered under the Indian Act
The Act also applies to corporations based in Canada that are:
• Privately held Not listed on a stock exchange in Canada
• Controlled by someone who is a non-Canadian
The Regulations provide exceptions to the following people:
• Non-Canadians who rent
• Non-Canadians with a Canadian Spouse or Common-law partner*
• Indigenous People and Communities*
• Temporary residents studying in Canada*
• Temporary residents working in Canada*
• Refugees if under Refugee Protection*
• Refugee claimants and individuals fleeing international crises*
• Accredited members of foreign missions in Canada*
• Temporary International Students*
• Purchase of larger buildings containing more than 3 dwellings
*visit cmhc.ca for full details
The Act defines residential property as:
• Buildings with 3 homes or less
• Residential properties that are located in a census metropolitan area
• Detached homes
• Semi-detached homes
• Condominium units or similar premises
• Vacant land zoned for residential use or mixed-use
Exceptions:
• Homes in municipalities with a population of less than 10K
• Recreational houses (cottages)
• Large buildings containing more than 3 dwellings
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.
Source: cmhc.ca
Otilia Biondi, Realtor®
🏡 Full-Service Real Estate
📍 Oakville, Burlington, Milton, Mississauga, Toronto
📞 905.399.1154
[email protected]
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