BlogBuyers Beware: Canadian Government Introduces Ban on the Purchasing of Residential Properties for Non-Canadians
13 October 2022
As a part of the Trudeau government’s 2022 Budget, Parliament passed new legislation prohibiting non-Canadians from purchasing residential property in Canada. The Prohibition on the Purchase of Residential Property by Non-Canadians Act received royal assent on June 23, 2022 and will come into effect on January 1, 2023, lasting for a period of two years. The introduction of the bill is in keeping with one of the Federal Government’s primary goals for this year’s budget which was to stabilize the housing market and provide more affordable housing to Canadians amidst record-high inflation rates and sky-rocketing housing prices.
