The federal government has set out exceptions to legislation that will ban foreign investors from buying non-recreational residential property coming next month. The exemptions, included in the new regulations announced by the Liberal government on Dec. 21, will be used to implement the Prohibition on the Purchase of Residential Property by Non-Canadians Act, starting Jan….
Ottawa Adds Exceptions to Law That Bans Foreign Investors From Buying Canadian Homes Starting Jan. 1
Foreign Investors Banned From Buying Canadian Homes Starting Jan. 1
As of Jan. 1, 2023, foreign investors will be banned by the Canadian government from purchasing non-recreational residential property. The federal government announced the full details Wednesday for new regulations that have been finalized as part of the Prohibition on the Purchase of Residential Property by Non-Canadians Act, which was passed on June 23 and…
Ontario Raising Foreign Homebuyer Tax to 25 Percent
Ontario has announced it is raising the non-resident speculation taxon homes purchased by foreign nationals from 20 percent to 25 percent, effective Tuesday. Finance Minister Peter Bethlenfalvy says the move makes Ontario’s tax rate the highest in Canada and seeks to discourage foreign speculation. The Progressive Conservative government previously increased the non-resident speculation tax from 15…
Foreign Homebuyers, Led by China, Spend $59 Billion in the US
August 3, 2022
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Commentary Foreign buyers poured $59 billion into the U.S. housing market from April 2021 through March 2022, snapping up nearly 100,000 homes across the country amid a severe housing shortage and record-high prices. Despite the huge dollar amount, non-U.S. citizens accounted for a modest 2.6 percent of the total volume of existing-home sales during that…
Canada, Mexico, China Lead Foreign Investment in US Real Estate
In the past year alone, international buyers purchased $59 billion worth of residential properties in the United States, indicating an 8.5 percent hike from last year and smashing a 3-year record of declines. A newly released report from the National Association of Realtors (NAR) tracked global buyers from April 2021 to March 2022. While the…
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