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Feb 4, 2024 · Foreign commercial enterprises and people who are not Canadian citizens or permanent residents will continue to be prohibited from purchasing residential property in Canada. The ban on foreign ownership of Canadian housing—and this two-year extension—is just one part of the federal government’s economic plan to make housing more affordable for Canadians.
- Department of Finance Canada
The Prohibition on the Purchase of Residential Property by Non-Canadians Act prevents non-Canadians from purchasing residential property in Canada for 2 years. The Act applies to non-Canadians, including corporations and entities not listed on a stock exchange in Canada, and controlled by non-Canadians. It doesn’t apply to Canadians ...
On January 1st, 2023, the foreign home ownership ban—formally known as the Prohibition on the Purchase of Residential Property by Non-Canadians Act —went into effect in Canada. On its face ...
Dec 21, 2022 · As of Jan. 1 2023, non-residents will be banned from buying residential property in Canada for two years but with a number of exceptions, including foreign workers and international students who ...
Mar 27, 2023 · Increasing the corporation foreign control threshold from 3% to 10%. For the purposes of the prohibition, with regards to privately held corporations or privately held entities formed under the laws of Canada or a province and controlled by a non-Canadian, the control threshold has increased from 3% to 10%.
Mar 16, 2023 · Updated Feburary 9, 2024. On January 1, 2023, the Prohibition on the Purchase of Residential Property by Non-Canadians Act and accompanying Regulations took effect. The Act limits non-Canadians from buying residential property in Canada to try to address the current shortage of residential housing and make homes more affordable for Canadians citizens and permanent residents.
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Q. When will the Prohibition on the Purchase of Residential Property by Non-Canadians Act come into effect? The Prohibition on the Purchase of Residential Property by Non-Canadians Act and the accompanying regulations came into force on January 1, 2023. The prohibition will be in effect for a period of 2 years.
