NON-RESIDENT MORTGAGE.
As of Jan 1st 2023, The Government of Canada has passed a new law to help make homes more affordable for people living in Canada. The Prohibition on the Purchase of Residential Property by Non-Canadians Act prevents non-Canadians and corporations controlled by non-Canadians from purchasing residential property in Canada for 2 years.
Key Highlights
The Prohibition on the Purchase of Residential Property by Non-Canadians Act prevents non-Canadians from buying residential property in Canada for 2 years starting on January 1, 2023.
The Act defines residential property as buildings with 3 homes or less, as well as parts of buildings like a semi-detached house or a condominium unit. The law does not prohibit the purchase of larger buildings with multiple units.
The Act has a $10,000 fine for any non-Canadian or anyone who knowingly assists a non-Canadian and is convicted of violating the Act. If a court finds that a non-Canadian has done this, they may order the sale of the house.
Please note: This does not apply to non-Canadians who are looking to rent.
Work with The Mortgage Professionals.
Have a question or ready to take the next step towards owning your dream home? Our team of experienced mortgage professionals are here to help! Don’t wait any longer—reach out to us today and let us guide you through the process of finding the perfect mortgage solution tailored to your needs.