A two-year ban on the purchase of residential property in Canada by non-Canadian individuals and corporations—passed by the Canadian government in June 2022, before a slowdown in homes sales deepened—went into effect on Jan. 1.
The ban, put forward ostensibly to address housing affordability issues prices spiraled—and then narrowed by a series of exemptions the government has expanded in recent months—is not expected to have much impact on housing prices or sales in current market conditions after a series of rate hikes by the Canada's central bank.
Regulations issued by the government have exempted from the ban buildings containing more than three dwelling units and recreational properties including cottages, cabins and other vacation homes.
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