THE PROHIBITION ON THE PURCHASE OF RESIDENTIAL PROPERTY BY NON-CANADIANS ACT
Effective January 1, 2023, the Prohibition on the Purchase of Residential Property by Non-Canadians Act came into effect. This act prohibits non-Canadians and non-residents from purchasing a residential home in Canada for the next 2 years. Properties that are exempt from the act are: buildings containing more than 3 dwellings and recreational properties.
Individuals on a work visa are able to purchase a property if they are:
Purchasing outside of a Census Metropolitan Area/Census Agglomeration or
Purchasing in a Census Metropolitan Area/Census Agglomeration and ALL of the following apply:
EXEMPTIONS AND REGULATIONS
Extensive New to Canada products available with as little as 5% down! We can finance both non-permanent residents pending your work or student visa has been in place less then 5 years, or new permanent residents with limited to no established Canadian credit.
If you are new to Canada, whether you have been in the country for less than 6 months, 12 months or 5 years, we have solutions for you under a Newcomers to Canada Financing Program. Whether you are a permanent resident, on a work permit, or a temporary resident, there are different options available and different banks that are happy to entertain the mortgage.