{"id":6635,"date":"2023-01-10T10:36:11","date_gmt":"2023-01-10T18:36:11","guid":{"rendered":"https:\/\/blog.justo.ca\/blog-admin\/?p=6635"},"modified":"2023-09-12T10:49:00","modified_gmt":"2023-09-12T18:49:00","slug":"foreign-buyer-ban-what-you-need-to-know","status":"publish","type":"post","link":"https:\/\/blog.justo.ca\/blog\/foreign-buyer-ban-what-you-need-to-know\/","title":{"rendered":"Foreign Buyer Ban &#8211; What You Need to Know\ufffc"},"content":{"rendered":"\n<p><strong>Foreign Buyer Ban Took Effect January 1, 2023<\/strong><\/p>\n\n\n\n<p>The Foreign Buyer Ban, or more formally the <a href=\"https:\/\/canadagazette.gc.ca\/rp-pr\/p2\/2022\/2022-12-21\/html\/sor-dors250-eng.html\"><em>Prohibition on the Purchase of Residential Property by Non-Canadians Act<\/em><\/a>, takes effect January 1, 2023 and prevents non-Canadians from buying residential property in Canada for 2 years, the<a href=\"https:\/\/www.cmhc-schl.gc.ca\/en\/\"> Canada Mortgage and Housing Corporation<\/a> has announced.&nbsp;<\/p>\n\n\n\n<p>The Government of Canada has passed this new law to help make homes more affordable for people living in Canada.&nbsp;<\/p>\n\n\n\n<p><strong>Exemptions from the ban include:<\/strong><\/p>\n\n\n\n<ul>\n<li>Canadian citizens and permanent residents.<\/li>\n\n\n\n<li>International students who meet certain requirements, including having spent the bulk of the previous five years in Canada. They would be able to purchase a property for no more than $500,000.<\/li>\n\n\n\n<li>Workers who have worked and filed tax returns in Canada for at least three out of the four years prior to purchasing a property.<\/li>\n\n\n\n<li>Diplomats, consular staff and members of international organizations living in Canada.<\/li>\n\n\n\n<li>Foreign nationals with temporary resident status, including people fleeing conflict, and refugees.<\/li>\n<\/ul>\n\n\n\n<p>In developing the accompanying regulations, the Government reached out to Canadians for their feedback. A detailed consultation document containing specific policy proposals intended for the regulations was available for comment for 4 weeks in August and September 2022. The consultation process received approximately 200 written submissions from individuals and stakeholders.<\/p>\n\n\n\n<p><strong>Key highlights of the New Regulations:<\/strong><\/p>\n\n\n\n<ul>\n<li>The Prohibition on the Purchase of Residential Property by Non-Canadians Act prevents non-Canadians from buying residential property in Canada for 2 years starting on January 1, 2023.<\/li>\n\n\n\n<li>The Act defines residential property as buildings with 3 homes or less, as well as parts of buildings like a semi-detached house or a condominium unit. The law does not prohibit the purchase of larger buildings with multiple units.<\/li>\n\n\n\n<li>The Act has a $10,000 fine for any non-Canadian or anyone who knowingly assists a non-Canadian and is convicted of violating the Act. If a court finds that a non-Canadian has done this, they may order the sale of the house.<\/li>\n<\/ul>\n\n\n\n<p>To learn how Justo can help you in your&nbsp;<a href=\"https:\/\/justo.ca\/buy\" target=\"_blank\" rel=\"noreferrer noopener\">homebuying journey<\/a>, contact our team today.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Foreign Buyer Ban Took Effect January 1, 2023 The Foreign Buyer Ban, or more formally the Prohibition on the Purchase of Residential Property by Non-Canadians Act, takes effect January 1, 2023 and prevents non-Canadians from buying residential property in Canada for 2 years, the Canada Mortgage and Housing Corporation has announced.&nbsp; The Government of Canada [&hellip;]<\/p>\n","protected":false},"author":14,"featured_media":6805,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1,11],"tags":[17,18,13,14,12],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.11 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Foreign Buyer Ban - What You Need to Know\ufffc - Justo Real Estate Brokerage<\/title>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Foreign Buyer Ban - What You Need to Know\ufffc - Justo Real Estate Brokerage\" \/>\n<meta property=\"og:description\" content=\"Foreign Buyer Ban Took Effect January 1, 2023 The Foreign Buyer Ban, or more formally the Prohibition on the Purchase of Residential Property by Non-Canadians Act, takes effect January 1, 2023 and prevents non-Canadians from buying residential property in Canada for 2 years, the Canada Mortgage and Housing Corporation has announced.&nbsp; 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