Today, the Honourable Ahmed Hussen, Minister of Housing and Diversity and Inclusion, announced amendments to the Prohibition on the Purchase of Residential Property by Non-Canadians Act’s accompanying Regulations.
Earlier this year the 2 year foreign buyer ban came into effect. This disallowed foreign individuals and corporations from buying residential properties in Canada. However, with the ban, there were several criticism and shortcomings that were highlighted by the industry stakeholder. Today the ministry has announced changes that will take immediate effect.
Key highlights of the amendment:
- Enables more work permit holders to purchase a home to live in while working in Canada as long as they more than 183 days left on their WP.
- The foreign buyer prohibition does not apply to all lands zoned for residential and mixed-use, which can be used for any type of development including residential.
- Allows non-Canadians to purchase property for the purpose of development.
- Increases the corporation foreign control threshold from 3% to 10%.
Do you think that these changes are enough? Or would you like to see more clarification in the law? Let us know in the comments.
