Ottawa Adds Exceptions to Law That Bans Foreign Investors From Buying Canadian Homes Starting Jan. 1

Started by Epoch-Times-Bot, Dec 22, 2022, 04:45 PM

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Epoch-Times-Bot

Dec 22, 2022, 04:45 PM
Ottawa Adds Exceptions to Law That Bans Foreign Investors From Buying Canadian Homes Starting Jan. 1

The federal government has set out exceptions to legislation that will ban foreign investors from buying non-recreational residential property coming next month.
The exemptions, included in the new regulations announced by the Liberal government on Dec. 21, will be used to implement the Prohibition on the Purchase of Residential Property by Non-Canadians Act, starting Jan. 1, 2023.
The Act, enforceable for two years before it automatically repeals, does not apply to property acquired by foreigners "resulting from death, divorce, separation or a gift."
A regulatory notice issued Wednesday by the Trudeau government added that the exemptions apply for temporary residents "that are demonstrably working toward permanent residency" by studying or working in Canada, as first reported by Blacklock's Reporter....

Source: Ottawa Adds Exceptions to Law That Bans Foreign Investors From Buying Canadian Homes Starting Jan. 1

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