The Canadian government Imposes a ban on foreigners buying homes in Canada
New ban was imposed by the Canadian Government on foreigners who are willing to buy homes in Canada. These new bans were introduced as a part of its budget by the Canadian government.
The new ban states that the non-residents in Canada won’t be allowed to purchase homes or residential property in Canada from January 1, 2023 for two years.
This decision was taken by the Canadian government in the process of accessing affordable housing by Canadians.
Ahmed Hussen, the minister of housing and diversity said that the homes are not considered commodities. They are for the purpose of living in, to lay the roots of the family, for creating memories and to build a successful life together with your loved ones.
This new prohibition will prohibit the real estates to sell houses to non Canadians entities which includes the companies. Also the Canadian entities which are under foreign control are prohibited to purchase the real estate.
The Canadian government released clarification after the new regulations were released regarding the non residents which are exempted.
Foreign nationals and Refugees which are living in Canada escaping conflict and are on the temporary resident permit are excluded from these restrictions.
Canadian residents who are diplomats, international organisation employees and consular employees are also exempted from these regulations.
International students who are living in Canada for more than five years and have spent the majority of the preceding five years in Canada are also exempted from these bans.
Also the employees who are working in Canada for minimum three years and have filed tax returns for at least three years are also exempted from the house purchasing ban.
Apart from these exempt individuals, the building structures with more than three residential units and recreational real estate which includes cottages and cabins. The second houses are also exempted from the ban.
The main reason for these bans as per the Canadian Government is to make the housing more affordable for the people.
