As of January 1st, the Prohibition on the purchase of residential property will be enforced for all Non-Canadians for 2 years. (Jan1, 2023-Dec 31, 24)
This law does not prohibit the purchase of larger buildings with multiple units.
• have been given refugee protection or are a protected person under the Immigration and Refugee Protection Act, 2001
• have made a claim for refugee protection in accordance with the Immigration and Refugee Protection Act, if that claim has been found eligible and referred to the Refugee Protection Division; or
• have received temporary resident status in accordance with the Immigration and Refugee Protection Act based on humanitarian public policy considerations to provide a haven to those fleeing conflict
• hold a passport that has a valid diplomatic, consular, official, or special representative acceptance issued by the Chief of Protocol of Canada
The Regulations clarify that the prohibition doesn’t apply if it conflicts with the rights recognized and affirmed by Section 35 of the Constitution Act, 1982. Section 35 recognizes and affirms the existing Indigenous and treaty rights of Indigenous peoples of Canada. These may include ownership rights to land, rights to occupy and use lands and resources, land to be set aside for First Nation use only, self-government rights, and cultural and social rights.
The Regulations include an exception for any residential property found outside of a Census Metropolitan Area or Census Agglomeration as identified in Statistics Canada’s Standard Geographical Classification 2021. Both Census Metropolitan Areas and Census Agglomerations are formed by 1 or more adjacent municipalities centered on a population center, or the core.
A Census Metropolitan Area must have a total population of at least 100,000 of which 50,000 or more must live in the core and a Census Agglomeration must have a core population of at least 10,000.
Whether a residential property is located within a Census Metropolitan Area (CMA) or a Census Agglomeration (CA) can be determined by accessing the Standard Geographical Classification (SGC) reference maps. More detailed maps of CMAs and certain CAs are also available by accessing Statistics Canada’s Census Tract reference maps. Statistics Canada has also created an interactive mapping tool that could help determine if a specific residential property is part of a CMA or CA.
Let us assist navigating your options and the costs associated with buying in Canada if you have applied or are applying for a Permanent Status Card. We have options and we can outline the lending criteria to assist you. Contact Mortgage Architects Bennett Capital Group at [email protected]