As of January 1, 2023, the new law on the temporary ban on the purchase of properties by foreigners in the Canadian residential market will come into force, to ensure that Canadians have greater access to the purchase of properties. As an interim measure to stabilize the residential market in the wake of the COVID-19 pandemic, foreign investors will be prohibited for two (2) years from purchasing non-recreational residential properties in Canada, unless it is confirmed that the purchase constitutes a prelude to employment or immigration to Canada within the next two years. Multiplexes with 4 doors or more are not affected by this law.
For reference, please consult this document: Current as of November 28, 2022.
Published by the Minister of Justice at the following address:
https://lois-laws.justice.gc.ca/PDF/P-25.2.pdf
As of January 1, 2023, the new law on the temporary ban on the purchase of properties by foreigners in the Canadian residential market will come into force, to ensure that Canadians have greater access to the purchase of properties. As an interim measure to stabilize the residential market in the wake of the COVID-19
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