Canada is extending its foreign homebuyer ban until 2027.
On Feb 4, 2024 – the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, announced the federal government’s intent to extend by an additional two years, the existing ban on foreign ownership of Canadian housing.
Under the ban, which first came into effect in 2023, foreign commercial enterprises and people who are not Canadian citizens or permanent residents are prohibited from buying residential property either directly or indirectly.
The ban carries the potential for fines of $10,000 for violations.
The act was amended after its initial introduction to allow non-Canadians to purchase a residential property in certain circumstances. One of the amendments allows those holding a work permit or who are authorized to work in Canada to purchase residential property while working here.
The initial foreign homebuyer ban was set to expire on Jan 1, 2025 … but has now been extended to 2027.
