This ban on the purchase of residential properties for foreign buyers has been implemented for two years from January 1, 2023. This law was put in place because housing prices in Canada have increased since the start of the Coronavirus pandemic.
Justin Trudeau and his party argued that Canadian homes have become magnets for foreign investors, wealthy companies, and profit-driven buyers. As a result, locals are finding it increasingly difficult to afford a place to live. The Prime Minister clarified that houses should be for people, not just financial assets.
The law targets residential properties that include houses with three or fewer units, such as semi-detached homes and condos. The Canadian government has put certain exceptions in place, like divorce, separation, or inheritance. However, the rule applies to most non-Canadians and foreign corporations not listed on Canadian stock exchanges.
Some experts have doubts about the ban’s impact on affordability. Foreign buyers make up only a very small fraction of the market, so the measure might not do much to ease prices. Nevertheless, the government extended the ban for another two years, pushing it to January 1, 2027, as part of broader efforts to address the ongoing housing crisis.
Why choose us?
We have been helping many applicants become permanent residents for years and have a high success rate. Our clients from almost 20 different countries have experienced this with us and you can be the next successful. We know how to prepare documents and how to make your immigration process smooth and easy for you. Contact us HERE to start the process today!
If you are not a Canadian Permanent Resident yet and you are not sure what the best way for you to immigrate to Canada is, please fill out our assessment form HERE and we will get back to you with your possible options.
