On January 1, 2023 the Canadian government’s Prohibition on the Purchase of Residential Property by Non-Canadians went into effect and will last 2 years.
Ultimately the government is trying to make housing more affordable for Canadians. Following are some key points I am seeing in the act.
The act applies to all non Canadians corporations controlled by a Non Canadian.
Residential Property is defined as a detached home, attached home, Condominium, Row Home (Townhouse style).
Exception: The act includes many exceptions and also carries penalties for anyone caught either not following the act or assisting someone with their purchase who is not allowed to buy.
If there is any remote chance that this act may affect you, my advice would be to talk to a lawyer before you do anything else.
Here is a link to the Federal Governments Website
Tags: Federal Government, Non canadian not allow to buy homes in Canada, Non Canadians