Canada's latest effort in keeping the residential housing market in control leads to the foreign buyer ban that starts Jan 1, 2023. Here are what to know
- The temporary ban is for a period of 2 year period to make sure that the housing is used to house Canadians instead of speculative investments by Foreign entity.
- The ban does not prohibits Recreational Properties, i.e. Cottages
- The ban does not prohibits Commercial Properties, including multi-residential properties
- The ban only applies to major municipalities with 10,000 and more population
- The ban applies to Non- Canadians individuals as well as corporation
- The law does not prohibit the Purchase of larger buildings with Multiple units
- The act has a $10,000 fine for any non- Canadian or anyone who knowingly assists a non-Canadian and is convicted of violating the act. If the court finds that a non- Canadian has done this, they may order the sale of the house.