Canada Extends Ban on Non-Canadians Buying Residential Property by Two Years

The Canadian government has declared a two-year extension to the existing prohibition on non-Canadians purchasing residential properties. Initially implemented on January 1, 2023, with an original end date of January 1, 2025, this measure aims to prevent non-Canadians from directly or indirectly acquiring specific residential real estate during the stipulated period. Certain exceptions apply, such as certain work permit holders, individuals authorized to work in Canada, and specific students. The extension aligns with the government’s economic strategy to enhance housing affordability across Canada.

Source: Fragomen