WHO IS EXEMPT FROM THE CANADA'S FOREIGN HOMEBUYER'S BAN?

[Lizabeth]

Although the legislation targets non-Canadians, there are some exceptions. Those in Canada with temporary work permits are still allowed to buy residential properties, as are refugee claimants and international students who meet certain criteria.

The ban does not apply to those who are Canadian citizens or permanent residents, nor does it apply to non-Canadians who are looking to rent a residential property in Canada.

Non-Canadians with a spouse or common-law partner who is a Canadian citizen, permanent resident, person registered under the Indian Act or refugee are also exempt from the ban.

WHAT HAPPENS TO THOSE WHO BREAK THE RULES?

Non-Canadians who violate the ban can be fined up to $10,000 and may be required to sell the property they purchased. Those who knowingly assist a non-Canadian with their purchase can also be fined. 

WE WANT TO HEAR FROM YOU

Are you impacted by Canada’s ban on foreign homebuyers? Do you know someone who might be affected by the new legislation?