Canada’s ban on foreign home buying will carry $10,000 penalty

0
237
Canada's ban on foreign home buying will carry $10,000 penalty

content of the article

A two-year ban on homebuying by non-Canadians, due to take effect Jan. 1, will exempt temporary work permit holders and international students under certain conditions, and carry a potential $10,000 fine for violators. according to implementation details released on Wednesday.

content of the article

The legislation was first announced in April’s Budget 2022 to improve housing affordability by prohibiting non-Canadian investors and commercial companies from buying non-recreational real estate on Canadian soil.

content of the article

Still, questions remained about definitions and enforcement of the ban.

According to the catalog of regulations published on Wednesday, the law should apply for a period of two years.

Exceptions to the ban may apply to temporary work permit holders, refugees and international students.

  1. Homes being built in Brantford, Ontario.

    Resistance to building more houses faster in Ontario will only worsen affordability

  2. none

    Mortgage defaults and foreclosures increase as interest rates rise

  3. Rising interest rates have cooled just as home sales and prices have been scorching hot across Canada.

    Canadian home prices fall 12% year-on-year in November as the winter cold sets in

Non-Canadians who purchase homes in violation of the ban will be fined $10,000, with some exceptions.

“Houses should not be commodities,” Ahmed Hussen, Minister for Housing and Diversity and Inclusion, said in a press release.

“Through this legislation, we are taking steps to ensure homes are owned by Canadians for the good of all who live in this country. We will continue to do everything we can to ensure that all residents of this country have an affordable home that meets their needs.”

• Email: [email protected]