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ARTICLE · 02 NOVEMBER 2022

Canada's Ban On Foreign Home Buyers Soon In Effect: Update And What's Next

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The Prohibition on the Purchase of Residential Property by Non-Canadians Act (Act) comes into force on January 1, 2023. It prohibits the purchase of residential property in Canada...

CanadaReal Estate and Construction
Jane Helmstadter
Jane Helmstadter
Alixe Cameron
Alixe Cameron
Mark V. Lewis
Mark V. Lewis
Kiera Stel
Kiera Stel
Okey Ejibe
Okey Ejibe
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Key Highlights

  • Prohibition on the Purchase of Residential Property by Non-Canadians Act comes into force on January 1, 2023.
  • Impact of the Act will be clearer once the federal government releases draft regulations.

The Prohibition on the Purchase of Residential Property by Non-Canadians Act (Act) comes into force on January 1, 2023. It prohibits the purchase of residential property in Canada by non-Canadians unless they are exempted by the Act or its regulations, or the purchase is made in certain circumstances specified in the regulations.

This new legislation will remain in force for two years and is part of the government of Canada's response to soaring housing prices across the country.

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