January 30, 2023

Canada Ban on foreign buyers is now effective, but with many exemptions in place

by Tibor Bogdan
January 30, 2023

The Foreign Buyer Ban
The Prohibition on the Purchase of Residential Property by Non-Canadians Act, also known as the “foreign buyer ban”, was first announced in April 2022 and took effect on January 1st, 2023. In effect, this legislation will restrict most foreigners from purchasing residential property in Canada for the next 2 years.

The following parties and properties will however be exempt from the foreign buyer ban:

  • Canadian citizens and permanent residents.
  • International students who meet certain requirements, including having spent the bulk of the previous five years in Canada. They would be able to purchase a property for no more than $500,000.
  • Workers who have worked and filed tax returns in Canada for at least three out of the four years prior to purchasing a property.
  • Diplomats, consular staff and members of international organizations living in Canada.
  • Foreign nationals with temporary resident status, including people fleeing conflict, and refugees.

Do note that buildings containing more than three dwelling units, and recreational property — such as cottages, cabins and other vacation homes — will also be exempt.

Non-Canadian owned entities, such as corporations, and foreign-controlled Canadian entities, will also be banned from buying residential property under the Act.

Best Regards,

Tibor Bogdan
Century 21 Creekside Realty

P.S. If you want to chat, call me at 604 855 2521

Helpful Resources

Talk to Tibor

Have a question? Give us a call at 604-855-2521 or send us your number and we will call you right away