Canada prohibits the purchase of real estate for foreigners

07.02.2024 According to the statement of the Deputy Prime Minister of Canada, foreign citizens and foreign companies will not be able to buy residential real estate in Canada until 2027. The restrictions came into force last year and were aimed at solving the problems of housing affordability within the country. The ban was supposed to expire in 2025, but the goals were not achieved.

There are exceptions for people with temporary work permits, applicants for refugee status and international students. The remaining non-residents caught violating the ban will be fined up to $10,000, with an obligation to sell homes purchased with violations.

Link to source: https://deputypm.canada.ca/en/news/speeches/2024/02/06/remarks-deputy-prime-minister-announcing-new-...