Effective January 1, 2023 foreign citizens will not be allowed to buy a residential property in Canada except in certain areas (Whistler for example) or if you are one of the following:


(a) a temporary resident within the meaning of the Immigration and Refugee Protection Act who satisfies prescribed conditions;

(b) a protected person within the meaning of subsection 95(2) of that Act;.

(c) an individual who is a non-Canadian and who purchases residential property in Canada with their spouse or common-law partner if the spouse or common law-partner is a Canadian citizen, person registered as an Indian under the Indian Act, permanent resident or person referred to in paragraph (a) or (b); or

(d) a person of a prescribed class of persons.

This is certainly an interesting move by a Government who has a mandate to allow 1,440,000 new immigrants into Canada by 2025 and is fully aware there is a rental shortage. 


I am still waiting to learn what a “prescribed class of person” is. I am sure there will be many exceptions to the rule and we will learn more in December. The good thing is that anyone who has made a purchase contract prior to December 31, 2022 will be protected. 


With this new mandate and very low vacancy rates, this will be a great opportunity to purchase a rental property. If this is something that interests you, please reach out and we can discuss options that could work for you.