Prohibits the purchase of residential property by foreigners for a period of 2 years

01 Jan 2023

On 1 January 2023, the "Purchase of Residential Property by Non-Canadians Act" came into force, which prohibits the purchase of residential property in Canada by non-Canadians.

This new legislation will remain in force for two years and is part of the government of Canada's response to soaring housing prices across the country.

Non-Canadian is defined as an individual who is neither a Canadian citizen nor a person registered as an Indian under the federal Indian Act nor a permanent resident.