Prohibition On The Purchase Of Residential Property By Non-Canadians Act And Regulations

On January 1, 2023, new federal legislation came into force that will have a significant impact on non-Canadians purchasing property in Canada.

Otherwise known as the “Foreign Buyer Ban”, the Prohibition on the Purchase of Residential Property by Non-Canadians Act (the “Act”) will, by and large, prohibit persons who are neither citizens nor permanent residents from purchasing residential property in Canada for two years.[1] The prohibition applies to property purchased directly or indirectly. It also applies despite Section 34 of the Citizenship Act, which states that real and personal property of every description may be acquired by a […]