On February 4, 2024, the federal authorities introduced its intention to increase, by two years, the ban on international possession of residential property, which first got here into power on January 1, 2023. Beneath subsection 237(2) of the Price range Implementation Act, 2022, No. 1 (the “Price range Implementation Act”), the ban was initially set to be repealed on January 1, 2025 (that means that, as of January 2, 2025, non-Canadians below the that means of the Prohibition on the Buy of Residential Property by Non-Canadians Act, S.C. 2022, c. 10, s. 235 (the “Prohibition Act”) would once more be capable to buy residential property in Canada). Whereas the federal authorities has not but launched a invoice that amends the Prohibition Act, or the language in subsection 237(2) of the Price range Implementation Act to increase the date on which the Prohibition Act is repealed to January 1, 2027, it’s anticipated that the federal authorities will achieve this, someday this 12 months.
As a recap, the Prohibition Act prohibits non-Canadians from buying residential property in Canada, topic to a variety of exceptions. To study extra, we invite you to learn our earlier weblog publish.
Lawson Lundell LLP’s Actual Property Group will proceed to observe for any updates referring to this matter, and can replace this weblog accordingly. For any inquiries, please contact the writers or another member of Lawson Lundell LLP’s Actual Property Group.