On April 28, 2022, the federal government introduced Bill C-19 titled “An Act to implement certain provisions of the budget tabled in Parliament on April 7, 2022 and other measures”.
Section 235 of the bill introduced the Prohibition on the Purchase of Residential Property by Non-Canadians Act (the “Act”), which prohibits Non-Canadians from purchasing, directly or indirectly, any residential property in Canada (the “Prohibition”). Bill C-19 received royal assent on June 23, 2022.
The legislation will come into force on January 1, 2023 and will be in effect for 2 years. The introduction of the bill is in accordance with one of the federal government’s primary goals of stabilizing the housing market and providing more affordable housing to Canadians.
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