Foreign-home buyer ban comes with long list of exemptions. | File photo
Ahmed Hussen, Minister of Housing and Diversity and Inclusion, has put some meat on the bones of new regulations under the new Prohibition on the Purchase of Residential Property by Non-Canadians Act, which comes into force within days.
The act will ban foreign investors from buying non-recreational residential property in Canada. The act will come into effect on January 1, 2023, for a period of two years.
As recently reported here, there was growing concern that few details had been announced for the looming ban. According to the December 22 statement (today), most recreational property and many non-Canadians will be exempt.
The Act prohibits foreign commercial enterprises and people who are not Canadian citizens or permanent residents from acquiring non-recreational, residential property in Canada.
It establishes a $10,000 fine for non-Canadians who buy residential property in contravention of the prohibition. Exceptions are set out for some circumstances. Individuals with temporary work permits, refugee claimants, and international students may be exempt if they meet certain criteria.