Welcome to the Guberman // Appleby Immigration Update. We hope you find the information provided relevant to your immigration needs. Our objective is to highlight recent changes in immigration and related topics that are of interest to our readers. If you have specific questions relating to this update, feel free to contact us at info@gaimmlaw.com.
Today’s topic:
Canadian Finance Minister Announces Government will continue the Ban on Foreign Ownership of Housing for 2 More Years.
On Sunday, February 4, 2024, Finance Minister, Chrystia Freeland confirmed that the government will extend the ban on the foreign ownership of Canadian homes or vacant residential land in cities/towns with populations of at least 10,000 people. The ban will extend until January 2027. When initially implemented, the Prohibition on the Purchase of Residential Property by Non-Canadians Act was set to expire at the end of December 2024.
The law came into effect in 2002 and prevents individuals and non-Canadian businesses (those who are not Canadian citizens or permanent residents) from buying home or vacant residential land. There are exemptions to the Act including for certain students (cannot purchase a property of more than 500,000, certain work permit holders (cannot purchase more than one residential property) and non-Canadians who purchase residential property in Canada with their spouse or common-law partner if the spouse or common law-partner is a Canadian citizen. Note that the prohibitions in the Act do not apply to purely commercial properties.
The intent of this Act is to attempt to temper housing prices to make them more affordable for Canadians by reducing the impact of foreign speculators. As well, by restricting speculation by foreign investors it is intended to free up housing in the rental market. Whether this law actually has a significant impact on either of the foregoing is in our view, unlikely, given the scope of the housing issue and the multitude of factors affecting price and availability.
Guberman // Appleby Immigration Lawyers are available to discuss how these changes impact you, your business or your employees.
// CONTACT US
We welcome you to contact us directly to discuss the above. Please contact one of our immigration lawyers by reaching out to our general line 416 548 7100 or via email at info@gaimmlaw.com. Our immigration lawyers are always available to discuss any of your specific Canadian or US immigration queries either virtually or in person. We look forward to hearing from you.
