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

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.

• Type:

  • Entry and establishment (Ownership and control, Access to land)

• Industry:

  • Services (Real estate activities)

• Sources:

  • Government of Canada, Prohibition on the Purchase of Residential Property by Non-Canadians Act, https://laws-lois.justice.gc.ca/eng/acts/P-25.2/page-1.html, 12 Dec 2022
  • JD supra, Canada's Ban on Foreign Home Buyers Soon In Effect: Update and What's Next, https://www.jdsupra.com/legalnews/canada-s-ban-on-foreign-home-buyers-7850285/?origin=CEG&utm_source=CEG&utm_medium=email&utm_campaign=CustomEmailDigest&utm_term=jds-article&utm_content=article-link, 01 Nov 2022