Government extends ban on foreign buying of Canadian housing!
Foreigners are still not allowed to buy homes in Canada for a longer period as per the government decision.
Canadian government has decided to continue a rule that prevents people from other countries (foreigners) from buying houses in Canada. This rule was first introduced in 2022 and started in January 2023. Now, they have decided to make this rule last even longer, until the beginning of 2027. So, foreign individuals or entities will still not be allowed to own residential properties in Canada for a longer period. The Deputy Prime Minister, Chrystia Freeland, made this announcement in a statement on Sunday.
Canada is continuing a rule that stops foreigners and businesses from buying homes in the country, except for certain cases like international students or work permit holders. The goal is to prevent houses from being treated as financial investments rather than places for Canadian families to live.
In Canada, some provinces already make foreign homebuyers pay extra fees, and Toronto is thinking about adding another tax specifically for people who aren’t Canadian and want to buy property there.
Can people living in Canada temporarily buy houses?
During the ban, people living in Canada temporarily, like students or those with work permits, may be allowed to buy a home if they meet certain conditions.
Temporary residents must show they plan to stay in Canada permanently as a condition set by the government.
Can students from other countries with study permits buy a house in Canada?
If a student wants to study at a Canadian school, they need to meet one of these conditions.
To be eligible for a residential property purchase,
- Filed income tax returns for the past five years.
- Spent at least 244 days in each of the last five years in Canada.
- Buying a house priced at $500,000 or less.
- Haven’t bought more than one property.
The rule that limits buying a house to $500,000 may not work in some big cities like Ontario and British Columbia, where average prices are higher, ranging from $700,000 to $800,000.
Can work permit holders buy a house in Canada?
If you have a valid Canadian work permit, you need to fulfill these requirements:
- Worked full-time for at least three years in the four years before buying.
- Filed income tax reports for at least three of the last four years.
- Haven’t bought more than one residential property.
If you want to buy a house as a temporary worker, you need to show you’ve worked full-time for at least three years in the last four years.
Punishment for ineligible temporary residents buying houses in Canada.
If a foreign investor or someone not allowed to buys a restricted property in Canada, they and anyone helping can face a $10,000 fine, and the court may order the property to be sold.
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