The federal government has announced several amendments to its ban on foreign investors purchasing non-recreational residential property in Canada that will increase exceptions to the regulations, such as allowing non-Canadians to purchase residential property for development purposes.
The announcement, made by Housing, Diversity, and Inclusion Minister Ahmed Hussen on March 27, amends regulations brought into force by the government on Jan. 1 through the Prohibition on the Purchase of Residential Property by Non-Canadians Act.
The prohibition was intended to bring down sky-high real estate prices for local residents, especially those living in major cities, and to prevent houses from being used “as financial assets for foreign investors.”…