Foreign Buyers Ban and Exceptions
The foreign buyer ban in Canada, known as the Prohibition on the Purchase of Residential Property by Non-Canadians Act, prohibits most non-Canadians from buying residential property until January 1, 2027. Enacted in 2023, it was intended to address housing affordability concerns by restricting non-Canadians from purchasing residential properties. The ban includes individuals who are not Canadian citizens or permanent residents, as well as corporations controlled by non-Canadians.
Exemptions to Canada's foreign buyer ban include temporary residents who meet specific criteria, such as having a work permit for at least three years, and non-Canadians buying with a Canadian spouse or partner. The ban also does not apply to protected persons, individuals buying property in specific areas, or to certain types of buildings like those with four or more dwelling units or land zoned for development.
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