Canada Amends Its Foreign Buyer Ban
April 13, 2023
A couple weeks ago, on March 27th, 2023, the federal government made changes to the controversial “Foreign Buyer Ban” that came into effect at the beginning of this year. These changes are intended to make it easier for newcomers and eventually make housing more affordable for all Canadians.
The first change to the Foreign Buyer Ban is, if you have a work permit or are authorized to work in Canada, you can now purchase property here in Canada if you have at least 183 days of validity remaining on your permit.
Another change is that the act no longer applies to vacant land. Non-canadians can now purchase vacant land for any purpose, including residential development.
There’s also now an exception allowing Non-Canadians to purchase property for development purposes, which aims to address the lack of housing we currently have here in Canada.
The last change is for corporations. The foreign control threshold has increased from 3% to 10%.
Learn more about these amendments in this article from Real Estate Magazine.
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