Foreign home buyers officially banned from purchasing real estate in Canada Canada RealEstate
The Canadian Mortgage and Housing Corporation previously announced the regulations for the ban, which come into effect on Jan. 1.
The ban passed in Parliament on June 23, with the hopes of addressing housing affordability challenges in the country. Non-residents found violating the ban, and anyone who knowingly helps them, can be fined up to $10,000 and may ordered to sell the property.International students who meet certain criteria, including having spent the majority of the previous five years in Canada. These students would be able to purchase property for no more than $500,000
Workers who worked and filed tax returns in Canada for at least three out of the four years prior to purchasing propertyForeign nationals with temporary resident status, including those fleeing conflict and refugeesHousing Minister Ahmed Hussen said in a news release that housing should not be a"commodity" and that the ban will make sure homes are owned by Canadians.