Foreign Buyer Ban! What does this mean?
Canada’s Foreign Buyer Ban 2023
For the next two years, 2023 and 2024 non-Canadians can not buy Canadian residential real estate.
To what foreigners does this commonly not apply to?
A foreigner who is married (or common-law) with a Canadian citizen or Permanent Resident.
As of March 27th, big amendments have been made to foreign buyers' bans that are positive for Temporary Residents. New exceptions have been released, please see below.
Temporary residents working in are eligible for purchase in Canada, if they:
hold a valid work permit or are authorized to work in Canada, and
have 183 days or more of validity remaining on their work permit or work authorization at time of purchase, and
have not previously purchased a residential property in Canada while the prohibition is in effect (See the law and exemptions, linked below). Before you enter into any binding agreements, confirm the details with your real estate lawyer. I have provided links to the law, exceptions and foreign buyer tax below.
Interactive Mapping Tool to help you determine if a specific residential property is located inside or outside of a Census Metropolitan Area (CMA) or Census Agglomeration (CA)
