Non-Canadians: WHAT Can you buy in Canada?

IN SUMMARY

In order to understand how the law applies, three criteria must be considered: the location of the property, who is affected by the ban, and the types of properties affected.

With respect to the location of the property, the law does not apply to all of Canada, but rather to the most populated areas. To determine if a municipality is subject to the ban, the Canadian government refers future buyers and professionnals to the CMA (Census Metropolitan Area) and CA (Census Agglomeration) maps.

Only Canadian citizens will be able to purchase residential real estate in areas subject to the ban, but there are exceptions for Aboriginal people, permanent residents, diplomats and refugees.

Foreign students may also purchase properties, but the criteria are very restrictive.

Temporary residents on work permits must have worked full-time for three of the last four years in the country and have filed three tax returns during those four years.

Canadian companies with a non-Canadian shareholder are also subject to the ban if the non-canadian holds more than 3% of the equity or voting power.

Finally, the law applies to residential properties of three units or less, which include condominiums, single-family homes, townhouses, duplexes, triplexes and lots.

Non-canadians can still purchase residential properties of four units or more within the CMA and CA zones, as well as unrestricted properties outside these areas.

It is important to understand the intricacies of this new ban.

To make it easier for you to understand, we have designed a unique tool in Canada that will allow you to identify, as a non-Canadian, which type of residential property you can buy in specific cities and municipalities.