The Government of Canada announced a measure to prohibit non-Canadians from purchasing residential property in Canada for a period of 2 years in Budget 2022. It’s anticipated that this will help reduce foreign money coming into Canada to buy residential real estate.
The Parliament of Canada passed legislation – the Prohibition on the Purchase of Residential Property by Non-Canadians Act on June 23, 2022. This law will come into effect on January 1, 2023.
As the Government considers the final policy elements, we are:
- analyzing public feedback
- working to finalize details and regulations under the Act – such as selected definitions, exceptions and ideas about how to enforce the regulations