Yesterday (March 27, 2023), the Government of Canada significantly changed the foreign buyer ban. It is now easier those working in Canada on work permits to purchase a home, and vacant land is now available for purchase by non-Canadian residents.

• Work Permit holders can now purchase property in Canada if they have not purchased more than 1 residential property, and if they have 183 days or more of validity on their work permits at the time of completing the sale.
  • Please note, the foreign buyers’ tax is still in effect across most of BC

• Vacant land zoned for residential and mixed use can now be purchased by non-Canadians and used for any purpose by the purchaser, including residential development.

• This exception allows non-Canadians to purchase residential property for the purpose of development.

For more information, check out this website here: https://www.cmhc-schl.gc.ca/en/media-newsroom/news-releases/2023/amendments-prohibition-purchase-residential-property-non-canadians-regulations

If you have any questions, or would like assistance with arranging the best mortgage product available, please contact me by phone or email.

☎️ Cell: 778-215-4121

📬 Email: adamsale@dominionlending.ca

Thank you for your consideration,

Adam Sale