Posted on January 6, 2023

Canada Is Banning Some Foreigners From Buying Property After Home Prices Surged

Chris Isidore, CNN, January 1, 2023

Canada in 2023 is closing its doors to foreign investors who want to purchase homes.

A new Canadian law took effect January 1 that essentially bans foreign buyers from buying residential properties as investments for two years. The law was passed because of a spike in Canadian home prices since the start of the pandemic – and some politicians’ beliefs that foreign buyers were responsible by snapping up supply of homes as investments.


The law provides exceptions for home purchases by immigrants and permanent residents of Canada who are not citizens.


The real estate association voiced concern about the law, even with the exemptions for people who intend to move to Canada.

“Canada has built a reputation as a multicultural nation that welcomes people from around the world. As currently proposed, the prohibition on the purchase of residential property by non-Canadians can impact our reputation as a welcoming nation,” said the group’s statement. “The potential benefits of the ban are likely to be modest.”