The federal government of Canada has adopted amendments to the ban on the purchase of housing by foreigners. Now, everything is not so categorical; some restrictions for non-residents have been relaxed.

The ban on the purchase of housing in Canada by foreigners became known in June 2022, and the law came into force on Jan. 1, 2023. This law means that non-citizens, non-permanent residents, and foreign businesses are prohibited from buying residential property in Canada. Moreover, in the case of a violation of the law, you will have to pay a fine and urgently sell a purchased object.

However, these measures were criticized by many experts, who argued that they couldn’t solve the problem of housing affordability. As a result, the terms of the bill have recently been adjusted. As stated by the Ministry of Housing, some foreigners will still be able to buy housing in Canada. 

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These are the kinds of foreigners who will get the opportunity to buy a home:

  • Those who have a work permit in Canada. And, at the time of purchase, the permit must be 183 or more days old. And you can buy no more than one residential property.
  • Those who buy vacant land to use later for residential and mixed-use development.
  • Those non-residents who buy housing for development. This includes public companies established in Canada but controlled by foreigners. Plus, a private corporation or legal entity will now be considered foreign if a foreigner owns up to 10% of its capital (previously the limit was 3%).

“These amendments strike the right balance, ensuring that housing is used to accommodate those who live in Canada and not speculative investments by foreign investors,” — Housing Minister Ahmed Hussen said.