Non-Canadian and non-Permanent Residents will no longer be able purchase a property in Canada starting January 1, 2023.
Here is some key information regarding the Prohibition on the Purchase of Residential Property by Non-Canadian Act:
* In an effort to address concerns about housing affordability, the federal government passed a two-year restriction on the purchase of residential property by non-Canadians.
* Starting on January 1st, 2023, it is the responsibility of non-Canadian or non-permanent resident clients to have a discussion with their lawyer/notary regarding their eligibility to purchase a residential property based on their Canadian residency status.
* Clients who have signed a Purchase and Sale contract dated prior to January 1st, 2023, will not be affected by the new Prohibition Act.