Real Estate 12 January 2023


Government of Canada has recently imposed a ban on foreign buyers, below is the list of people who are exempt from this Ban:

– Canadian Citizens and Permanent Residents of CanadaWho is exempt from foreign homebuyer ban in Canada

– International Students who meet the necessary criteria, which includes having spent the majority of the preceding five years in Canada. They would be able to spend no more than $500,000 on a property.

– Work Permit Holders who have paid taxes and worked in Canada for at least three of the four years before buying a property.

– Diplomats, Consular Employees, and Representatives of International Organizations lining in Canada

– Foreign nationals holding a temporary residency visa, including Refugees and Persons Escaping War.

Additionally, exempt are structures with more than three residential units and recreational real estate; including cottages, cabins, and other second houses.

The purchase of real estate properties/land will be prohibited for corporations and other non-Canadian entities as well as Canadian businesses under foreign control.

Feel free to reach out if you need help with your specific situation, it would be my pleasure to help you!

Bhupinder Singh
Sales Representative
Century 21 First Canadian Corp.
P: 647-323-5310