Amid widespread affordability concerns in Canada’s housing market, the Canada Mortgage and Housing Corporation (CMHC) announced a series of amendments to its foreign buyer ban.
A total of four amendments to the Prohibition on the Purchase of Residential Property by Non-Canadians Act were announced in a“These amendments will allow newcomers to put down roots in Canada through home ownership and businesses to create jobs and build homes by adding to the housing supply in Canadian cities,” Hussen said in the release.
According to the CMHC release, the corporate foreign control threshold was increased from three per cent to 10 per cent. Additionally, under the new rules, the release said there is now an exception in place for development purposes, which makes it possible for non-Canadians to acquire residential property for development.
Under the new amendments, the foreign buyer ban will no longer apply to vacant land. According to the release, non-Canadians will now be able to acquire vacant land that is zoned for residential or mixed-use.
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