Federal Government Extends Prohibition on Purchase of Residential Property by Non-Canadians to January 1, 2027
The federal government recently announced a two-year
extension to the prohibition on non-Canadians purchasing residential property.
Initially set to expire on January 1, 2025, this restriction will now remain in
effect until January 1, 2027.
The federal
government’s announcement on February 4, 2024, makes no mention of any
specific amendments to the Prohibition
on the Purchase of Residential Property by Non-Canadians Act and its
regulations (the “Act”).
Aird & Berlis LLP has been monitoring the Act since it
was first announced. For more information, please see our bulletin discussing
the Act and its regulations and our bulletin on the
amendments made to the regulations.
For more information or to discuss a matter regarding the
foregoing, please contact the authors or a member of our Real Estate Group.
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