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February 15, 2024
On February 4, 2024, the Minister of Finance, the Honourable Chrystia Freeland, announced the federal government's intention to extend the existing ban on foreign ownership of Canadian housing by two years.
The Prohibition on the Purchase of Residential Property by Non-Canadians Act (the “Act”), which came into force on January 1, 2023, and prohibits non-Canadians from purchasing, directly or indirectly, residential real estate in Canada for an initial period of two years, is now extended to January 1, 2027. This extension is in line with the federal government's desire to solve the housing shortage across the country.
For more information, we invite you to read our articles on the Act, the regulations adopted pursuant to the Act, the amendments made to said regulations and the application of the Act to your business operations.
- Canadian government enacts a two-year ban on purchases of residential real estate by non-Canadians
- Canadian government publishes new regulations for two-year prohibition on purchases of residential property by non-Canadians
- Does Canada’s new foreign buyer ban prohibit your commercial transaction?
- Does Canada's amended foreign buyer ban no longer prohibit your commercial transaction?
Dentons continues to monitor further developments relating to the Act. Please contact a member of Dentons Canada's Real Estate groupfor more information.
