The Act prevents non-Canadian individuals and non-Canadian corporations from purchasing residential property in Canada for two years. The Act can be found here <r20.rs6.net/tn.jsp?f=001GLn_yZGJj2JAihfB-n8xxzE5JQW31pf332lAyqIssolGMQaanNVUcKuhbm7s4Fq4-z2r3w19HbYyVTXrtopIsJCxJa4MxPMsINmJmf-hpmigbBMWz0iUh2UQ069qktW4UKiaSGEyQqfpx4iI-I0kWhWUa0aFwFBsT4fdoD0WXCTGR…> .
Definitions:
– Non-Canadian: An individual who is not a Canadian citizen, permanent resident, or a person registered as an Indian under the Indian Act. This also includes corporations that are not incorporated under the laws of Canada or a province within Canada.
– Residential property: A detached house, semi-detached house, rowhouse unit, townhouses, or a residential condominium unit located within the census metropolitan area (having 100,000 with 50,000 people living in the core) or a census agglomeration (having 10,000 people). Further information can be found on Statistics Canada Map <r20.rs6.net/tn.jsp?f=001GLn_yZGJj2JAihfB-n8xxzE5JQW31pf332lAyqIssolGMQaanNVUcKuhbm7s4Fq4Ga_n6rDVoF6wGP2lo-vkG4W5bPYuFC_ZH6orPrsCgI4HBu-3iVJKvvxlDHX6c3UuG-7n6Kb-m96PYAN8fLk4Y4P7PBH0pXalkZpwiug50_05Y…>. This Act specifically refers to residential properties. Recreational properties are not included.
Exemptions: Although the legislation primarily targets non-Canadians, there are some exceptions: 1. Temporary residents such as students and workers, foreign workers; 2. Refugees; 3. Individuals purchasing a residential property with an eligible spouse or common-law partner are exempt from the Act.
