The federal government announced amendments to the foreign homebuyer ban on Monday that eases some restrictions for non-Canadians, including newcomers to the country.
Read more: Foreign buyers ban won’t fix housing market – could make it worse, experts say The Prohibition on the Purchase of Residential Property by Non-Canadians Act was passed by Parliament in June 2022 and came into force on the first day of 2023.
Under that law, non-citizens, non-permanent residents, and foreign commercial enterprises were blocked from purchasing Canadian homes — with some exceptions for international students and temporary residents.
Those who violate the ban face a $10,000 fine and may have to sell the offending property. The amendments will now allow some non-Canadians to purchase residential property in certain circumstances in order to help add to Canada’s housing supply, according to a statement from the ministry of housing.