AMENDMENTS TO THE ACT PROHIBITING NON-CANADIANS FROM RESIDENTIAL PROPERTY PURCHASES
Amendments to the act, in relation to the foreign homebuyer ban and creation of the prohibition on the purchase of residential property by non-Canadians Act.
FEDERAL GOVERNMENT IMPLEMENTS 2 YEAR BAN ON FOREIGN HOMEBUYERS
In June 2022, parliament passed a ban on foreign homebuyers which came into effect on January 1, 2023. Under the two-year ban, commercial enterprises and individuals located outside of Canada are prevented from buying residential real estate across Canada. Ultimately, the legislation is aimed at curbing rising real estate costs across the country as the…
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