Prohibition on the Purchase of Residential Property by Non Canadians #shorts
Channel: Living in Prince Edward Island - Michael Poczynek
Date: 04/01/2023

Prohibition on the Purchase of Residential Property by Non-Canadians Regulations: SOR/2022-250

Non-Canadians buying real estate in Canada
Can a non-Canadian buy property in Canada?

The Prohibition on the Purchase of Residential Property by Non-Canadians Regulations: SOR/2022-250 is a federal regulation that was put in place in Canada in 2022. It prohibits non-Canadians from purchasing residential property in certain designated areas, including Prince Edward Island. The regulation aims to address the issue of foreign demand driving up housing prices in certain areas and making it difficult for Canadians to purchase homes.

The regulations apply to non-Canadians, which include individuals who are not Canadian citizens or permanent residents, as well as corporations that are not Canadian-controlled. Non-Canadians are not allowed to purchase residential property in designated areas, including Prince Edward Island, unless they meet certain exceptions.

The exceptions include non-Canadians who have been authorized to work in Canada and intend to reside in the purchased property, as well as non-Canadians who have been authorized to study in Canada and intend to reside in the purchased property. Additionally, non-Canadians who have been authorized to work in Canada and intend to reside in the purchased property, as well as non-Canadians who have been authorized to study in Canada and intend to reside in the purchased property, can also apply for an exemption.

It's important to note that the regulation applies only to the purchase of residential property, and not to the rental of residential property or the purchase of commercial property.

It's worth mentioning that although the regulation applies to Prince Edward Island, it's not clear yet if the province is going to put in place a specific regulation to enforce it, as it's a federal regulation and provinces have the authority to decide how to implement it.

https://canadagazette.gc.ca/rp-pr/p2/2022/2022-12-21/html/sor-dors250-eng.html

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