Canada

Canada

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.

Nature of measure:
  • Entry restriction
Type:
  • Entry and establishment (Ownership and control, Access to land)
Industry:
  • Services (Real estate activities)
Inward FDI:
No
Outward FDI:
No
Sources: