March 2023

The Government of Canada has announced four key amendments to its foreign buyer ban, which came into effect on January 1 2023.

Officially known as the Prohibition on the Purchase of Residential Property by Non-Canadians Act, 2 year ban was introduced as part of the government’s efforts to address housing affordability concerns.

But following feedback...

1. Home Buyers’ Plan
Qualifying home buyers can withdraw up to $35,000 (couples up to $70,000) from their RRSPs for a down payment. Must repay within 15 years. Eligibility to use the program a second time: home buyers who’ve experienced a breakdown in their marriage/common-law partnership and those who have repaid their RRSP. Can be used together wi...