‘Homes should not be commodities’
Published Dec 21, 2022 • Last updated 2 days ago • 1 minute read
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A ‘for sale’ sign in front of a row of homes in a subdivision in Vaughan, Ont. Photo by Cole Burston/Bloomberg files A two-year ban on homebuying by non-Canadians that is set to take effect on Jan. 1 will exempt temporary work-permit holders and international students, subject to some conditions, and will come with the potential for $10,000 fines for violations, according to details of the implementation released on Wednesday.
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The legislation was first announced in Budget 2022 in April to address housing affordability by prohibiting non-Canadian investors and commercial entities from purchasing non-recreational properties on Canadian soil.
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Still, questions remained regarding definitions and how the prohibition would be enforced.
According to the list of regulations released Wednesday, the act will take effect for a period of two years.
Exemptions to the ban may be available for temporary work permit holders, refugees and international students.
Recommended from Editorial Opposition to building more homes faster in Ontario will only worsen affordability Mortgage defaults and foreclosures on the rise as interest rates climb Canadian home prices fall 12% in November from last year as winter chill sets in Non-Canadians who purchase residential property in violation of the prohibition will be fined $10,000, with some exceptions.
“Homes should not be commodities,” Ahmed Hussen, minister of housing and diversity and inclusion, said in a release.
“Through this legislation, we’re taking action to ensure that housing is owned by Canadians, for the benefit of everyone who lives in this country. We will continue to do whatever we can to ensure that all residents of this country have a home that is affordable and that meets their needs.”
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