On January 1, 2023, a ban was implemented by the Federal government that prohibited non-Canadians from buying residential property for a period of two years, either directly or indirectly. Well, as of March 27th, amendments have been made to the regulations that will allow exceptions for certain circumstances. For instance, those who hold a work permit or are authorized to work in Canada may purchase a residential property while working here, provided they have not bought more than one residential property and have at least 183 days of validity remaining on their work permit or work authorization at the time of purchase.
Furthermore, the previous provision that banned non-Canadians from purchasing vacant land will be repealed, and the ban will no longer apply to all lands zoned for residential use. In addition, the corporation foreign control threshold will be raised from 3 to 10%.
What’s your opinion on these amendments?