Changes to the Prohibition on the Purchase of residential Property by Non-Canadians Act.
Ottawa, Ontario, March 27, 2023
Today, the Government of Canada, announced amendments to the Prohibition on the Purchase of Residential Property by Non-Canadians Act’s accompanying Regulations.
The Government of Canada is making amendments to the Regulations, to expand exceptions to allow Non-Canadians to purchase a residential property in certain circumstances. These amendments will come into force on March 27, 2023.
Enable more work permit holders to purchase a home to live in while working in Canada.
The amendments will allow those who hold a work permit or are authorized to work in Canada under the Immigration and Refugee Protection Regulations to purchase residential property. Work permit holders are eligible if they have 183 days or more of validity remaining on their work permit or work authorization at time of purchase, and they have not purchased more than one residential property.
The current provisions on tax filings and previous work experience in Canada are being repealed.
If you would like more information about Mortgages or one of Sam’s Shorts. Contact me