Prohibition on the Purchase of Residential Property by Non-Canadians is now in effect

Jan. 3, 2023 | Market Update | By The Rossettis

As of January 1st, 2023 the Federal Government has imposed a two-year ban of Non-Canadians from purchasing residential property via the Prohibition on the Purchase of Residential Property by Non-Canadians Act (commonly known as the Foreign Buyer Ban). 

Non-Canadians are defined as individuals who aren’t:

  • Canadian citizens
  • permanent residents of Canada
  • persons registered under the Indian Act.
  • corporations based in Canada that are privately held, not listed on a stock exchange in Canada, and controlled by someone who is a non-Canadian

Residential property is defined as buildings with three homes or less, as well as parts of buildings like a semi-detached house or a condominium unit

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