Two-Year Ban on Non-Canadian Home Buying Takes Effect in Canada

A two-year ban on non-Canadians buying homes in the country is now in effect, with exceptions for permanent residents, international students, diplomats, consular officials, and certain temporary visa holders who are fleeing conflict or have filed refugee claims in Canada. The ban, known as the Prohibition on the Purchase of Residential Property by Non-Canadians Act, also prevents non-Canadians from buying real estate through corporations and includes penalties of up to $10,000 for violations. The law, which took effect on January 1, was implemented as part of a strategy to keep house prices in Canada from rising too high and pricing out working-class and young Canadians. The ban does not apply to foreign nationals studying in Canadian colleges and universities or those with permanent residency.

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