2 year foreign buyer ban in effect

Trudeau government bans foreign buyers temporarily

The federal ban on new foreign ownership of residential real estate has become law on January 1, 2023. It bans anyone who isn't a Canadian Citizen or permanent resident from buying residential real estate for the next two years.

As for any government policy there are certain exceptions like: A temporary resident within the meaning of the Immigration and Refugee Protection Act; Non-Canadians, who buy residential property with a Canadian Spouse or common-law partner, if the spouse is a Canadian Citizen or permanent resident, or a person registered as an Indian under the Indian Act.

This ban pertains to residential real estate only and residential real estate is:

• A detached house or similar building, containing not more than 3 dwelling units;
• A semi-detached house, rowhouse unit, residential condominium unit or other similar premises, vacant land, where the land has been zoned for residential use or mixed use and is within a Census Metropolitan Area (having a population of at least 100,000) or Census Agglomeration (having a population of at least 10,000);
• any prescribed real property or immovable

If foreigners purchase real property anyways, the fine is not more than $10,000.- and the government can order the sale of the property, for which the seller will not be allowed to receive more than the original purchase price.

So as usual, buyer beware and ensure, that you count to the many million Canadian Citizens or permanent residents, who won't be affected by this ban. Actually, there aren't many people being affected at all and this is another try by a government in shambles to catch votes through blind activism that completely fails to address the real issues.