”In the latest attempt to curb the price of residential real estate in Canada, Parliament has introduced a new statute aimed at making housing more affordable and accessible to Canadians.”
”The Prohibition on the Purchase of Residential Property by Non-Canadians Act, S.C. 2022, c. 10, s. 235 (the “Act”) officially came into force on Jan. 1, 2023 and is intended to remain in effect until Dec. 31, 2024.”
”For the purposes of the Act, “non-Canadians” do not just refer to foreign individuals. Rather the prohibition extends to people who are not citizens, permanent residents or who are not registered as Indians under the Indian Act.”
”It also includes corporations that are not federally or provincially incorporated in Canada or formed under Canadian laws. The prohibition also extends to corporations which are formed or incorporated under Canadian law if their shares are not listed on Canadian exchanges and they are controlled by non-Canadians.”
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