Who cannot buy real properties in Canada ?
Non-Canadians Cannot Purchase Residential Property in Canada
The Prohibition on the Purchase of Residential Property by Non-Canadians Act, S.C. 2022, c. 10, s. 235 (the "Act") came into force on January 1, 2023. The Act prevents most non-Canadians (persons who are not citizens and not permanent residents of Canada) from directly or indirectly purchasing residential property in Canada for a temporary, two-year duration. If a non-Canadian, or anyone who knowingly assists a non-Canadian, is convicted of violating the prohibition, they will have to pay a fine of up to $10,000. Additionally, a court can order the sale of the residential property.
The ban was initially set to expire on January 1, 2025, but was subsequently extended from its original 2025 end date to January 1, 2027.