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ARTICLE · 04 JULY 2024

Foreign Buyer Prohibition

Mills & Mills
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Foreign buyers who are interested in purchasing residential real estate property in Ontario are subject to the federal foreign buyer prohibition.

CanadaReal Estate and Construction
Jessica Virk
Jessica Virk

Foreign buyers who are interested in purchasing residential real estate property in Ontario are subject to the federal foreign buyer prohibition.

On January 1, 2023, the Prohibition on the Purchase of Residential Property by Non-Canadians Act (the "Act") and accompanying regulations (the "Regulations") became effective. It prohibits the purchase of residential property by non-Canadians. The prohibition was set to expire on January 1, 2025; however, on February 4, 2024, the federal government expressed its intent to extend the existing ban on foreign ownership of Canadian housing by an additional two years, bringing it to January 1, 2027.

Who is Affected?

The Act prohibits non-Canadians from purchasing, directly or indirectly, any residential property.

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