Foreign investors who want to buy Canadian real estate face some restrictions. The Prohibition on the Purchase of Residential Property by Non-Canadians Act, brought into effect in January 2023, prohibits foreign investors from buying residential property in Canada for two years. The ban prohibits foreign buyers from purchasing land, condos, single-family homes, or very small buildings in metropolitan areas of at least 100,000 people.
However, there are exceptions to this ban. For example, temporary residents on valid study or work permits can still purchase a home in Canada. Additionally, the ban does not apply to properties outside census metropolitan areas, and foreign investors are still allowed to purchase recreational properties such as cottages and vacation homes. Furthermore, non-Canadians who buy a home with a Canadian spouse or common-law partner, or those who inherit a house following a death, are also exempt from the ban.