Canada has banned foreigners from buying residential property for two years

Canada has banned foreigners from buying residential property for two years, starting on Jan 1st, 2023.

Competition in Canada reached new levels in 2022, with numtiple offers and few terms and conditions being accepted.

The legislation applies to residential properties that are located in a census metropolitan area or a census agglomeration, per CTV News.

Homes in municipalities with a core population of less than 10,000 are not subject to the ban, nor are recreational properties such as cottages and lake houses. Additionally, the law does not explicitly ban the purchase of larger buildings with multiple units.

There are some exceptions. Those in Canada with temporary work permits are still allowed to buy residential properties, as are refugee claimants and international students who meet certain criteria.

Non-Canadians with a spouse or common-law partner who is a Canadian citizen, permanent resident, person registered under the Indian Act or refugee are also exempt from the ban.