Big relief to the Canadian government, relaxation in restrictions on buying property of non-Canadians

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Canada Restrictions on Foreigners Purchasing Residential Property: The Canadian government is rolling back some restrictions on foreigners buying residential property just months after new rules came into effect.

Non-Canadians in the country on a work permit or who are authorized to work in Canada can now purchase residential property. They must have at least 183 days or more remaining on their work permit or work authorization and must purchase only one property to qualify.

Non-Canadian and foreign businesses can now also purchase residential property if they intend to develop it, and they can also purchase vacant land zoned for residential or mixed use.

Parliament passed legislation preventing non-Canadians from buying property, the Ban on the Purchase of Residential Property by Non-Canadians Act in June 2022. The law came into force earlier this year, and prevents non-Canadians from buying residential property. Property in Canada for two years. The restrictions were part of a Liberal promise made during the 2021 federal election campaign amid rising house prices.

Housing and Diversity and Inclusion Minister Ahmed Hussain announced the changes on Monday. A news release from the Canada Mortgage and Housing Corporation (CMHC) said the changes are effective immediately.

“These amendments will allow newcomers to put down roots in Canada through home ownership and businesses, creating jobs and adding to the housing supply in Canadian cities,” Husson said in the news release.

“These amendments strike the right balance in ensuring that housing is used for people living in Canada, rather than speculative investment by foreign investors.”

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