The foreign buyer ban started on January 1st, 2023 and will be in effect for two years. This is what we know about it so far:
Non-Canadians will be banned from purchasing residential property, however, there are exceptions:
- Some temporary residents studying in Canada
- Some temporary residents working in Canada
- Specifically exempted foreign nationals
- Refugees
- Refugee claimants and individuals fleeing international crises
- Non-Canadian spouses and common law partners
- Section 35 rights - Indigenous people and communities
- Exceptions for certain types of property - CMAs (Census metropolitan areas) and CAs (Census agglomerations)
These exceptions are subject to varying conditions.
What is residential property defined as?
- Detached house or similar building
- Semi-detached houses
- Rowhouse unit
- Residential condominium unit or other similar premises
- Unit or premises and that is reasonably necessary for its use and enjoyment as a place of residence for individuals
- Any prescribed real property or immovable
What happens if you violate this Act?
Non-Canadians who violate the ban can be fined up to $10,000 and may be required to sell the property they purchased. Those who knowingly assist a non-Canadian with their purchase can also be fined.
For more details and specifics of exemptions and residential property, visit: https://canadagazette.gc.ca/rp-pr/p2/2022/2022-12-21/html/sor-dors250-eng.html
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