Canada's Foreign Buyer Ban Starts January 1, 2023

In just under three weeks, the Federal Government of Canada's new Foreign Buyer rules come into effect in an effort to cool what was a very hot countrywide housing market.

Canada will ban foreign nationals from buying homes starting January 2023 – with notable exemptions for permanent residents and temporary residents, including temporary workers and international students.

Finance Minister Chrystia Freeland says the ban on foreign ownership of homes is needed to curb house prices in Canada and prevent them from rising so high as to push working-class and young Canadians out of the real estate market.

“We will make the market fairer for Canadians,” said Freeland. “We will prevent foreign investors from parking their money in Canada by buying up homes. We will make sure that houses are being used as homes for Canadian families rather than as a speculative financial asset class.”