On January 1, 2023, The Prohibition on the Purchase of Residential Property by Non-Canadians Act (Act) comes into force.
It prohibits the purchase of residential property in Canada by non-Canadians unless they are exempted by the Act or its regulations, or the purchase is made in certain circumstances specified in the regulations.
This new legislation will remain in force for two years and is part of the government of Canada’s response to soaring housing prices across the country.
