Canada: Two-year Extension to Prohibition on Purchase of Residential Property by Non-Canadians Announced

The government of Canada has announced it is extending the existing prohibition on the purchase of residential property by non-Canadians by an additional two years. The prohibition was implemented on January 1, 2023, and originally set to end on January 1, 2025. It prohibits non-Canadians from purchasing certain residential real estate directly or indirectly during this period, with several exceptions including certain work permit holders and individuals authorized to work in Canada and certain students, among others. The prohibition, and this two-year extension, are part of the government’s economic plan to make housing more affordable in Canada.