The Government of Canada has recently expanded its list of foreign nationals who can purchase homes to include temporary foreign workers with at least 183 days left on their work permits. However, these individuals can only buy a maximum of one residential property due to the two-year ban that was implemented on January 1, 2023.
In addition to altering existing policies, the government has redefined the interpretation of a foreign-owned company, thereby permitting firms to have a greater proportion of foreign ownership without being deemed as international enterprises.
The restriction was then extended in early December by Ottawa to include any vulnerable individuals with temporary visas who are fleeing a conflict or those who have already filed for refugee status in Canada. Immigration Minister Sean Fraser has the ability to grant those exemptions.
Canada now excludes foreign nationals and businesses who plan to purchase vacant land and develop it for residential or mixed-use, as well as temporary foreign workers with six months left on their work permits.
Housing and Diversity and Inclusion Ahmed Hussen, say the most recent exemptions to the norm are designed to provide immigrants and businesses looking to invest in Canada greater flexibility.
According to Hussen, “these amendments will allow newcomers to build roots in Canada through home ownership and businesses to create revenue by adding to the housing supply in Canadian communities.”
“These improvements strike the ideal balance in ensuring that housing is used to house those who are living in Canada instead of being an investment for speculative motive by foreign investors.”
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