Canadian Legislation Bans Foreigners From Buying HomesUpdate: Prohibition on the Purchase of Residential Property by Non-Canadians Act
On June 23rd, 2022, the Parliament of Canada passed legislation called “The Prohibition on the Purchase of Residential Property by Non-Canadians Act”, which will come into force on January 1st, 2023.
The Government is now working to finalize certain details in regulations under the Act. These details include selected definitions, exceptions and enforcement elements. Additional revisions may still affect this new actm but stakeholders are advised to check early if the Act could apply to them and the implications.
The Act prohibits non-Canadians from purchasing, directly or indirectly, residential property in Canada for a period of two years. Canadian Citizens and Permanent Residents are not subject to the prohibition.
The act defines residential property to include any real property or immovable property of not more than...