Work visa holders allowed to buy homes - federal lifts ban on non-Canadian property purchases
Non-resident aliens, land purchase is possible for residential or other purposes
A person working in Canada on a work visa will now be able to purchase a home to live in. Non-resident foreigners and companies will also be able to purchase land and use it for residential development or other purposes.The federal government announced an amendment to the regulation banning non-Canadians from purchasing residential real estate.
The government has allowed Canadian work visa holders to purchase a house as residential property.
Initially, the government believed that Canada's rise in real estate prices was caused by non-Canadian real estate purchases for speculative purposes, and banned non-Canadian real estate purchases from January this year after parliament in June last year.
However, the ban has been criticized as an unreasonable rule for immigrants who want to settle in Canadian communities through home ownership and start a new life.
Under the amendment, those with work visas or permission to work in Canada under immigration and refugee protection regulations can purchase residential properties, but the validity of their work permit or work permit must remain at least 183 days at the time of purchase. Qualifications are maintained only when more than one residential property is purchased.
In addition, the ban on all land purchases designated for residential and multi-purpose purposes was also removed.
As a result, non-resident foreigners or companies can now purchase vacant lots designated for residential and multi-purpose purposes, and buyers can use the land for any purpose, including residential development.
The government also expanded the exceptions applied to listed corporations under the federal commercial law to listed corporations controlled by non-Canadians and raised the standard for non-Canadians' control of companies from 3% to 10%.
The amendment will allow new immigrants to take root in Canada through home ownership and allow companies to create jobs by increasing housing supply in Canadian cities, said Ahmed Husen, Minister of Housing.
The revision will take effect from March 27 this year. (Editor Ahn Young Min)
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