Recently, the Canadian Minister of Housing and Diversity and Inclusion announced amendments to the regulations under the Prohibition on the Purchase of Residential Property by Non-Canadians Act. These changes, which took effect on March 27, 2023, will allow individuals who hold a work permit or are otherwise authorized to work in Canada under the Immigration and Refugee Protection Regulations to purchase residential property.
Back in June 2022, Canada enacted the Prohibition on the Purchase of Residential Property by Non-Canadians Act, which became effective on January 1, 2023. The act prohibited foreign commercial enterprises and individuals who are not Canadian citizens or permanent residents from purchasing non-recreational residential property in Canada. Violations of this prohibition could lead to conviction, with both the non-resident buyer and any person knowingly assisting them facing fines of up to $10,000, and courts may order the property to be sold. The ban was set for a duration of two years.
However, this act was revised only three months after its implementation. To increase flexibility in Canada's housing supply, the Canadian government announced a series of amendments to the ban to broaden the exceptions, allowing non-Canadians to purchase residential property under certain conditions. The specific amendments are as follows:
l Work permit holders are eligible to purchase homes. If a work permit holder has 183 days or more of validity remaining on their work permit or authorization at the time of purchase, and they do not purchase more than one residential property, they are eligible to buy.
l Removal of restriction on vacant land. Foreign buyers can purchase residential and mixed-use vacant land for any purpose, including residential development.
l Allowing foreign buyers to purchase property for development purposes. The amendments also expanded the definition of exceptions to include not only publicly traded companies currently under the scope of the Act, but also publicly traded entities formed under the laws of Canada or a province and controlled by foreign nationals.
l Foreign ownership threshold for corporations increased from 3% to 10%. Under the ban, the threshold for foreign ownership in non-publicly traded corporations looking to purchase property in Canada has been increased from 3% to 10%.
The Canadian Minister of Housing and Diversity and Inclusion stated: "These amendments are primarily intended to increase the flexibility of Canada's housing supply by allowing non-Canadians to purchase residential property in specific circumstances. These updates will allow newcomers to put down roots in Canada through home and business ownership, and help create jobs by increasing the housing supply."
With restrictions on foreign buyers of Canadian property further relaxed, work permit holders are finally eligible to purchase homes. This is significant good news for investors. If you are looking to immigrate to Canada, the Saskatchewan Immigrant Nominee Program (SINP) for entrepreneurs is an excellent choice! It is the only Canadian immigration program that does not require language proficiency, and the application requirements are not demanding, making it highly sought after by applicants since its inception. Invested parties should seize the opportunity, take action as soon as possible, and enter the pool early to capitalize on this rare opportunity to immigrate to Canada without English requirements!
As a Top 500 Asian Brand with over 20 years of experience focusing on investment immigration, Worldway Group possesses an industry-leading project analysis team, a professional documentation team, and a comprehensive customer service team. By partnering with numerous prestigious Canadian institutions, we provide professional, comprehensive, and diverse services—making us your trusted choice.
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