Commercial enterprises from abroad and people who are not citizens or permanent residents of Canada cannot buy real estate here. The corresponding decree has been introduced since the beginning of 2023, and its validity expires in 2025. Now the ban will last until 2027.
Foreigners who violate this law face a fine of $ 10,000 and an order to sell the purchased object.
For some categories of non-residents, the authorities still make an exception. Thus, it is allowed to buy housing for those who have temporary work permits, refugees and international students who meet certain criteria.
"The government intends to use all possible tools to make housing more affordable for Canadians," Freeland said.
However, this measure has many critics within the country, who point to the fact that the ban has not solved the problems of the housing market.
Source: Vancouver Sun
