The new year brought with it a new buyer ban. Effective January 1, 2023, non-Canadians are prohibited from purchasing residential real estate for a period of two years. The government as announced several exemptions which include:

• permanent residents
• non-Canadians who purchase residential property with their spouse or common-law partner as long as the spouse or common-law partner is eligible to purchase residential property in Canada.
• refugees
• temporary residents who are either:
• enrolled in a program of authorized study at a designated learning institution and:
• the purchase price of the property does not exceed $500,000
• they have filed income tax returns in Canada for five years before the purchase year
• were physically present in Canada for a minimum of 244 days each of the five calendar years before the purchase was made
• they have not purchased more than one residential property
• holding a work permit or are authorized to work in Canada and:
• have worked full-time in Canada for a minimum of three years within the four years before the purchase year
• they have filed all required income tax returns for a minimum of three of the four tax years before the purchase year
• they have not purchased more than one residential property
• foreign nationals who hold a passport that contains a valid diplomatic, consular, official, or special representative acceptance issued by the Chief of Protocol for the Department of Foreign Affairs, Trade and Development
• acquisition of an interest or real right resulting from death, divorce, separation, or a gift
• the rental of a dwelling unit to a tenant for the purpose of its occupation by the tenant
• the transfer under the terms of a trust that was created prior to the coming into force of the Act
• the transfer resulting from the exercise of a security interest or secured right by a secured creditor.

If you have any questions about the “Prohibition on the Purchase of Residential Property by Non-Canadians Act,” please contact one of our trusted One Link Mortgage Brokers at save@onelinkmortgage.com or 204-954-7620 today.

Source: Mortgage Professionals Canada