Non-Canadians can buy property in Canada. However, certain limitations are regulated by the government as of January 1, 2023.
On January 1, 2023, the government of Canada passed a new law, The Prohibition on the Purchase of residential property by non-Canadians Act.
This Act applies to non-Canadians, including corporations and entities listed on a Canadian stock exchange controlled by non-Canadians.
It doesn't impact Canadians, permanent residents, or temporary residents who fulfill the requirements mentioned in the regulations.
Foreigners cannot buy a residential property like three dwelling units or less, semi-detached houses, and condominium units.
The new Act still allows non-Canadians to purchase large buildings with four or more dwelling units.
Non-Canadians can also buy vacant land zone, which can be used for any purpose by the purchaser, like residential development, mixed-use, etc.
If non-Canadians find violating the prohibition new act, they will have to pay a fine of up to $10,000.
If a non-Canadian has purchased a residential property and break the law, the court may order sale the property.
Individuals with valid work permits and who have resided in Canada for at least 183 days are eligible to buy residential property in Canada.
These amendments strike the right balance in ensuring that housing is utilized for living purposes rather than as an investment opportunity for foreign investors.