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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
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 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.
Certain exceptions apply allowing Non-Canadians to purchase a residential property in defined circumstances. If a non-Canadian, or anyone who knowingly assists a non-Canadian, is convicted of violating the prohibition, they will have to pay a fine of up to $10,000. Additionally, a court can order the sale of the residential property.
Mar 28, 2023 · Visitez Radio-Canada.ca. The government is walking back some restrictions on foreigners purchasing residential property just months after the new rules came into force.
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Mar 27, 2023 · The amendments will allow those who hold a work permit or are authorized to work in Canada under the Immigration and Refugee Protection Regulations to purchase residential property. Work permit holders are eligible if they have 183 days or more of validity remaining on their work permit or work authorization at time of purchase, and they have not purchased more than one residential property.
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