Starting on January 1, 2023, the federal government’s ban on anyone who isn’t a Canadian citizen or permanent resident from buying residential real estate for two years will be in effect.
- The period will last two years.
- The ban will only apply to residential property.
A non-Canadian means:
- an individual who is neither a Canadian citizen nor a person registered as an Indian under the Indian Act nor a permanent resident;
- a corporation that is incorporated otherwise than under the laws of Canada or a province;
- a corporation incorporated under the laws of Canada or a province whose shares are not listed on a stock exchange in Canada for which a designation under section 262 of the Income Tax Act is in effect and that is controlled by a person referred to in paragraph (a) or (b); and
- a prescribed person or entity.
There are exceptions, which include:
- A temporary resident within the meaning of the Immigration and Refugee Protection Act; or
- A non-Canadian who buys residential property with a Canadian spouse or common-law partner if the spouse or common-law partner is a Canadian citizen or permanent resident, or person registered as an Indian under the Indian Act.
A residential property Means:
- a detached house or similar building, containing not more than three dwelling units;
- a semi-detached house, rowhouse unit, residential condominium unit or other similar premises, vacant land, where the land has been zoned for residential use or mixed use and is within a Census Metropolitan Area or Census Agglomeration; or
- any prescribed real property or immovable.