Have you already heard of the Foreign Buyers Ban on Residential Properties imposed by the Federal Government effective January 1, 2023? Here are FIVE steps to the new Foreign Buyers Ban:
- For a period of 2 years, non-Canadians are banned from purchasing homes in Canada
- This is an attempt by the Federal Government to cool the housing market and ensure housing is available to Canadian citizens
- Permanent residents, some International students (living in Canada over 5 years), temporary work permit holders and refugee claimants are exempt
- Residential Properties located outside of a census metropolitan area (rural properties) are excluded
- Anyone who knowingly aids a non-Canadian in a Residential purchase could face a fine up to CA$10,000
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