On March 27, 2023 the Federal Government amended the Prohibition on the Purchase of Residential Property by Non-Canadians Act.
The amendments include:
- A change to the meaning of “non-Canadian.” Corporations which are controlled 10% or more by non-Canadians are included in the meaning of “non-Canadian.” Previously, the threshold was only 3% control.
- Temporary residents no longer have to work for 3 years in Canada prior to purchasing residential property.
- The prohibition no longer applies to the acquisition by a non-Canadian of residential property for the purposes of development.
*Please be advised that the above is general information and does not constitute legal advice. Please contact our firm if you have any questions.