As of March 27, 2023 the Canadian government announced the following amendment to the Prohibition on the Purchase of Residential Property by Non-Canadians Act (the Act for short). Odyssey has been following this act closely as well as working with Canadian contacts to keep an eye on the ongoing changes, as it impacts the global mobility industry. RMCs and Corporates alike have been advocating for change since the Act went into effect on January 1st of this year. You can view and download our overview of the Act below and can find ongoing updates regarding the Act on the CERC Member Bulletin, which can be found at www.cerc.ca/news/635936/March-28-2023—Member-Bulletin-.htm

The amendment includes:
– amending the exception for temporary workers to enable work permit holders with 183 days or more of validity remaining on their work permit or work authorization to purchase a residential property;

– repealing the vacant land provision from the definition of residential property so that the prohibition does not apply to the purchase of vacant land zoned for residential and mixed use

– increasing the control threshold from 3% to 10% so that any corporation or entity with 10% or more direct or indirect ownership of shares or ownership interests by a non-Canadian is subject to the prohibition; and

– introducing an exception for non-Canadians purchasing residential property for the purposes 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.

Lastly, the CMHC has published new information on its website that supports the Act and amended Regulations, including updated frequently asked questions and answers for individuals and industry professionals.

To view and download –> Odyssey Relocation – Canadian Home Purchase Ban – 2023 (the ACT)