Mar 26, 2023
Canada has relaxed its ban on foreigners buying homes
The law to prohibit foreigners from buying residential property in Canada was passed by Parliament in June 2022 and took effect on January 1, 2023. However, the other day, the federal government announced amendments to the Act, which relaxes some of the restrictions for non-residents.
From now on, work permit holders or those authorized to work in Canada can purchase property to live in while working in the country. Work permit holders must have 183 or more days of permit validity at the time of purchase and cannot purchase more than one residential property.
The ban will now not apply to vacant land designated for residential and mixed-use development, so foreigners can buy such land with the potential to use it for residential development.
There is an exemption that allows foreigners, as well as public companies established in Canada but controlled by foreigners, to buy residential real estate for development purposes.
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