Foreign Ownership Made Simple
On January 1st, 2023, Canada's Prohibition on the Purchase of Residential Property by Non-Canadians Act came into effect. This new law has had many people looking to make Canada their new home concerned, but it is a lot to do about nothing...REALLY.
The new law is designed to protect both current Canadians and soon-to-be Canadians like you from wealthy people who see real estate as just an investment, and have no intention of ever moving to Canada. They may just want to hold the property as an investment, which a lot of time is being left vacant.
If you are a foreign worker, sponsored by a Canadian employer...
If you have, or are applying for a Permanent Residency (PR) Card (you can't purchase unless you already have the PR Card if you need a mortgage)...
If you are an International Student (You will not qualify for a mortgage if you do not have an income to support the mortgage)
Then this law does not apply to you!
As always we say...
Here are some resources that further explain the situation: