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Changes to the Foreign Buyer Ban
The government of Canada has made a few changes to the foreign buyer ban.
The four key amendments announced Monday by the Minister of Housing and Diversity and Inclusion include:
Work Permit Holders
Non-Canadian work permit holders were initially included in the ban, but critics argued that was contradictory to the government’s immigration goals. As a result, work permit holders are now exempt from the ban as long as they have 183 days or more of validity remaining on their work permit.
Vacant land exemption
The restriction preventing non-Canadians from purchasing vacant land zoned for residential or mixed has been lifted.
Exception for development purchases
Non-Canadians will also now be able to purchase residential property for the purpose of development. This exception was only applicable to publicly traded corporations in the original legislation.
Increase to the foreign control threshold
The ban initially prevented privately held corporations or entities from purchasing residential property if a non-Canadian owned 3% or more. That threshold has now been increased to 10% following concerns from developers that the 3% threshold was too restrictive and would hinder the development of new housing.
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