In a news release the federal government has announced that it will be extending the: Prohibition on the Purchase of Residential Property by Non-Canadians Act,
Known as “the Foreign Buyers Ban” for an additional 2 years. This means the ban on foreign buyers will be in place until at least 2027.
Key Highlights of the Act include:
- The Act defines residential property as buildings with 3 dwelling units or less. This includes semi-detached houses and condominium units. The Act doesn’t prohibit the purchase of larger buildings with 4 or more dwelling units.
- Non-Canadians can purchase residential properties located outside of Census Metropolitan Areas (CMA) and Census Agglomerations (CA). CMA is defined as having a population of over 100,000 with 50,000 or more living in the core. CA defined as having a population of over 10,000.
*contact me today to find out what areas are not included in this ban.
- Certain exceptions apply allowing Non-Canadians to purchase a residential property in defined circumstances. Including temporary residents working or studying in Canada, refugees and non-Canadian spouses or common law partners buying with their partner or spouse who is Canadian or has an exemption.
- If a non-Canadian, or anyone who knowingly assists a non-Canadian, is convicted of violating the prohibition, they will have to pay a fine of up to $10,000. Additionally, a court can order the sale of the residential property.
I hope you found this information helpful and please feel free to reach out if you have any questions relating to this or anything else real estate related.