Amendments to the Prohibition on the Purchase of Residential Property by Non-Canadians Act’s accompanying Regulations

March 27, 2023 

Today, the "Honourable" Ahmed Hussen, Minister of Housing and Diversity and Inclusion, announced amendments to the Prohibition on the Purchase of Residential Property by Non-Canadians Act’s accompanying Regulations. The Act was passed by Parliament on June 23, 2022, and the Act and Regulations came into force on January 1, 2023, as part of the Government of Canada’s strategy to make housing more affordable for Canadians.

The accompanying regulations were developed for the Act to set out specific exceptions, definitions, and clarifications necessary to implement the prohibition. To enhance the flexibility of newcomers and businesses looking to add to Canada's housing supply, the Government of Canada is making amendments to the Regulations, to expand exceptions to allow Non-Canadians to purchase a residential property in certain circumstances.

These amendments will further support individuals and families seeking to build a life in Canada by pursuing home ownership in their communities sooner and addressing housing supply issues. These amendments came into force on March 27, 2023. The following amendments are being announced by the Minister of Housing and Diversity and Inclusion:

Enable more work permit holders to purchase a home to live in while working in Canada.

The amendments will allow those who hold a work permit or are authorized to work in Canada under the Immigration and Refugee Protection Regulations to purchase residential property. Work permit holders are eligible if they have 183 days or more of validity remaining on their work permit or work authorization at the time of purchase, and have not purchased more than one residential property. The current provisions on tax filings and previous work experience in Canada are being repealed.

Repealing existing provisions so the prohibition doesn’t apply to vacant land.

We are repealing section 3(2) of the regulations, so the prohibition does not apply to all lands zoned for residential and mixed-use. Vacant land zoned for residential and mixed-use can now be purchased by non-Canadians and used for any purpose by the purchaser, including residential development.

Exception for development purposes.

This exception allows non-Canadians to purchase residential property for the purpose of development. The amendments also extend the exception currently applicable to publicly traded corporations under the Act, to publicly traded entities formed under the laws of Canada or a province and controlled by a non-Canadian.

Increasing the corporation foreign control threshold from 3% to 10%.

For the purposes of the prohibition, with regards to privately held corporations or privately held entities formed under the laws of Canada or a province and controlled by a non-Canadian, the control threshold has increased from 3% to 10%. This aligns with the definition of ‘specified Canadian Corporation’ in the Underused Housing Tax Act.

Quote:

“To provide greater flexibility to newcomers and businesses seeking to contribute to Canada, the Government of Canada is making important amendments to the Act’s Regulations. These amendments will allow newcomers to put down roots in Canada through home ownership and businesses to create jobs and build homes by adding to the housing supply in Canadian cities. These amendments strike the right balance in ensuring that housing is used to house those living in Canada, rather than a speculative investment by foreign investors.”

Redefining the Calgary Real Estate Scene with Calculated Decisions!

The Calgary real estate scene is constantly evolving. With the right approach and calculated decisions, it is possible to redefine the market and make it work for you. By understanding the market trends, taking calculated risks and staying informed, you can maximize your investment opportunities and make wise decisions when it comes to buying and selling real estate in Calgary.

Calgary's real estate market has been through plenty of changes recently. The downtown core has seen an influx of new condo development, while the suburban markets have been slower to recover from the economic downturn. Despite these challenges, there is still money to be made in Calgary real estate if you know where to look. For those looking to invest in the Calgary real estate market, it is important to understand the current trends and how they may impact your investment strategy. One trend that has been affecting the market lately is the decrease in oil prices. This has led to job losses and less money being spent on housing across Alberta. While this may seem like bad news for investors, it actually presents a unique opportunity for those who are willing to take on a little more risk. Now that we've identified some of the current trends affecting Calgary's real Estate scene, let's talk about how you can make them work for you! By understanding market conditions and making calculated decisions, you can achieve success as a real estate investor in Calgary. When considering any investment, always remember to do your research and consult experts before making any final decisions… after all, knowledge is power!

1. Introduction

Calgary real estate is transforming, and the current market is the perfect time to take advantage of the opportunities available to savvy investors. With the right strategies and calculated decisions, you can take advantage of the changing market and create a lucrative investment portfolio. Whether you're a first-time investor or a seasoned veteran, you can find the perfect property to fit your budget and lifestyle. With the appropriate combination of research and proactive decision-making, you can secure an investment that will yield a strong return in the future. This is the perfect time to capitalize on the Calgary real estate market and redefine your future.

2. Understanding the Calgary Real Estate Scene

It’s no secret that the Calgary real estate scene is constantly changing. With fluctuating prices and rising competition, home buyers need to make calculated decisions when trying to make a successful purchase. To redefine the Calgary real estate scene, it’s important to consider all options when buying a home and to be smart about your decisions. That means doing your due diligence and researching the current market trends, looking at different neighbourhoods and understanding what’s important to you when it comes to making a purchase. With the right knowledge and understanding, you can make the best decision when it comes to buying a home in Calgary.

3. Making Calculated Decisions

Calgary is a vibrant city where the real estate scene is no exception. When it comes to making calculated decisions in real estate, a little research and planning can go a long way. It is important to know the market and be aware of the current trends so that you can make the best decision possible. In Calgary, investors have the opportunity to capitalize on the city’s growing population, economic expansion and a wide range of housing options. By doing your research, you can make an educated decision about which property will provide the best return on investment. Whether you are looking for a rental property, a family home or a commercial property, you can find the perfect fit with a calculated decision. With the right research and an informed decision, you can redefine the Calgary real estate scene and reap the benefits of the booming market.

4. Determining Your Needs and Goals

Making a calculated decision when it comes to real estate in Calgary is essential. Doing so requires a clear understanding of your needs and goals. Before you decide to take the plunge and make that investment, you need to ask yourself some important questions. What are you looking for in a home? What types of amenities do you need? Where is your budget? Once you have answered these questions, you can begin to narrow down your choices and make an informed decision that is right for you. With careful and calculated research, you can make a smart decision that will redefine the Calgary real estate scene, and you can be proud of your investment.

5. Researching Market Trends and Recent Sales

In today's ever-changing real estate market, it's crucial to stay ahead of the game by researching market trends and recent sales before making any big decisions. With the Calgary, real estate market, staying informed can have a profound impact on the success of your investment. By researching market trends and recent sales, you can make informed decisions that will help you maximize your return on investment. Furthermore, understanding how the Calgary real estate market works can help you determine when is the right time to buy or sell, allowing you to make the most of your real estate investments. By taking the time to research market trends and recent sales, you can make calculated decisions that will redefine the Calgary real estate scene and help you get the most out of your investments.

6. Working with a Real Estate Professional

Finding a real estate professional who can help you make calculated decisions and redefine the Calgary real estate scene is an essential part of the process. A professional realtor will be able to provide you with the knowledge, expertise and resources you need to make informed decisions, allowing you to make intelligent investments that will increase your chances of success. A real estate professional can provide you with a comprehensive understanding of the Calgary market, as well as insights into the trends, prices and neighbourhoods. They can also help you negotiate the best possible deal and navigate the legal aspects of the transaction. With their help, you can make smarter decisions, redefine the Calgary real estate scene and achieve your real estate goals.

7. Utilizing Technology in Your Search

In today's Calgary real estate scene, technology has opened up a world of possibilities for the savvy buyer or seller. Thanks to the latest technologies, buyers and sellers can make informed decisions about their investments in the Calgary real estate market. By utilizing technology to research neighbourhoods, compare properties, and determine market trends, buyers and sellers can stay ahead of the competition and make calculated decisions that will benefit them eventually. Thanks to technology, buyers and sellers can redefine the Calgary real estate scene and make informed decisions that will help them to get the most out of their investments.

8. Negotiating the Best Deal Possible

Negotiating the best deal possible in the Calgary real estate scene is all about making calculated decisions. This means that you need to be prepared with the right information and take the necessary steps to ensure you are getting the best value for your money. Knowing the market, researching comparable properties, and understanding the local laws and regulations are key to making sure you get the best deal. Professional real estate agents can provide invaluable insight, advice and negotiation support to ensure that you get the best deal on your purchase. By taking the time to do your research, you can redefine the Calgary real estate scene with informed decisions, and get a great deal when buying a new home.

9. Closing on Your New Property

Making a calculated decision to purchase a property in the Calgary real estate market is a great way to redefine your lifestyle. With the right strategies in place, you can find the perfect property and get the best value for your money. With the appropriate know-how, you can make an informed decision and be confident in your purchase. Starting with a good plan, you can close on your new property with ease. You can rely on the expertise of a real estate professional to help you make the right decisions and to ensure that your purchase is successful. Don’t let the Calgary real estate market overwhelm you; make a calculated decision and redefine your life in no time!

10. Conclusion

The Calgary real estate market is a dynamic one, and if you are considering buying a home, you can benefit from making calculated decisions. By redefining the real estate scene in Calgary with your decisions, you can make the most of your investment. With careful consideration, you can make the best use of your money and find the right property for you and your family. Investing in real estate can be a rewarding experience, and with the right strategy, you can make the right decisions to make the most of your investment. Take the time to research the market and consider all the factors that will impact your decision. With the correct approach, you can redefine the real estate scene in Calgary and make the most of your investment.