UPDATED FOREIGN BUYER BAN 2023

In January 2023 Canada banned foreign nationals from buying homes with notable exemptions for permanent residents and temporary residents, including temporary workers and international students. As of March 27, 2023 there were 4 amendments to the Foreign Buyer Ban:

1) Amendments allow those holding a work permit or those authorized to work in Canada under the Immigration and Refugee Protection Regulations to buy residential property. Work permit holders are eligible if they have 183 days or more of validity remaining on their work permit or work authorization and haven’t purchased more than one residential property. 

2) Allows non-Canadians to purchase residential property for the purpose of development. The amendments extend the exception currently applicable to publicly traded corporations to publicly traded entities formed under the laws of Canada or a province and controlled by a non-Canadian.

3) The prohibition doesn’t apply to lands zoned for residential and mixed use. Vacant land zoned for residential and mixed use can now be bought by non-Canadians and used for any purpose by the buyer, including residential development.

4) Increase foreign control threshold to 10% from 3%
For privately held Canadian corporations or entities controlled by a non-Canadian, the control threshold has increased to 10 per cent from three per cent. This aligns with the definition of ‘specified Canadian Corporation’ in the Underused Housing Tax Act.

If you have any questions about what this means for you, contact the ALL VANCOUVER GROUP TEAM