FOREIGHN BUYER BAN EXTENDED!
Thursday Feb 08th, 2024
Canada has lengthened a ban on foreign home buyers for two additional years amid concerns about the cost of shelter in cities like Toronto and Vancouver.
Prime Minister Justin Trudeau’s government acted to prohibit non-Canadians from buying residential real estate in 2022, with the measure to expire on Jan. 1, 2025. That date has now been moved to Jan. 1, 2027.
The government has carved out exemptions for non-Canadians buying vacant land or residential property for development. There are also exemptions for foreign students and people on work permits, provided they have been in the country for an extended period and have not already purchased property.