The federal government recently announced that it is extending its ban on foreign home purchasing in Canada until January 1, 2027, two years beyond the original expiry date of January 1, 2025: Government announces two-year extension to ban on foreign ownership of Canadian housing (Government of Canada, February 4, 2024). This is our latest update on this, the next most recent being “Amendments to the Act Regarding Purchase of Property by Non-Canadians” from our September 2023 edition of LIANSwers.

You may also choose to review the following articles and resources that we’ve published “Buyer (or At Least The Non-resident Buyer And Their Lawyer) … Beware“ and “Mobile/Modular Homes And The Ban On Canadian Residential Property Purchases By Foreign Buyers“, including amendments to the Prohibition on the Purchase of Residential Property by Non-Canadians Act (the Act) and its Regulations.

Since the Act and the Regulations came into force on January 1, 2023, the Government of Canada has identified several challenges with the interaction between the prohibition and its policy objectives. You can read more here “Regulations Amending the Prohibition on the Purchase of Residential Property by Non-Canadians Regulations” (Government of Canada, March 27, 2023). CMHC has also published updates, FAQs, and guidance on the Act, its Regulations and amendments here:

And our friends at the BC Lawyers Indemnity Fund have prepared a summary and table of the key sections and amendments here “Significant changes to Canada’s foreign buyer ban” (May 4, 2023).