Two Year Ban on Property Purchases for Non-Canadians!

From January 1, 2023, for two years there will be a ban on foreign nationals purchasing property in Canada under the "Prohibition on the Purchase of Residential Property by Non-Canadians Act, S.C. 2022, c. 10, s. 235." (the “Act”). There are certain exceptions in the Act that allow certain non-Canadians to still purchase property such as those that have a Canadian spouse, however, much of the application of the act will be decided by any Regulations that are due to be published. We have to wait and see what the full scope and reach of the Act will be once those Regulations are published.

In the meantime, if you are not a Citizen of Canada or a Permanent Resident and are considering purchasing property in Canada, you may wish to consider buying by end of 2022!!

To read the act please follow link below:

https://laws-lois.justice.gc.ca/eng/acts/P-25.2/page-1.html

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