On Jan. 1, the Prohibition on the Purchase of Residential Property by Non-Canadians Act officially went into effect, banning international homebuyers from purchasing homes in Canada for a two-year period.<\/p>\n
Per the Act, foreign commercial enterprises and people who are not Canadian citizens or permanent residents are no longer allowed to purchase residential properties in the country. Those who violate the prohibition will be subject to a $10,000 fine and may be ordered to sell the property.<\/p>\n
After two years of rising prices, housing shortages and uncertainty for Canadian buyers, the Act is part of the Government of Canada\u2019s wider efforts to make housing more accessible for Canadians.<\/p>\n
\u201cHomes should not be commodities,\u201d Ahmed Hussen, Minister of housing and diversity and inclusion, said. \u201cHomes are meant to be lived in, a place where families can lay down roots, create memories and build a life together.\u201d<\/p>\n
\u201cThrough this legislation, we\u2019re taking action to ensure that housing is owned by Canadians, for the benefit of everyone who lives in this country,\u201d he added. \u201cWe will continue to do whatever we can to ensure that all residents of this country have a home that is affordable ad that meets their needs.\u201d<\/p>\n
Exceptions can be made for some individuals with temporary work permits, refugees, diplomats and international students.<\/p>\n