Previous restrictions on home buying have finally reduced. This is a time of great relief for all those people who have been trying to own a home in Canada. Accommodation in Canada is not that hard to find. All you need to do is find the perfect property for you and you can live happily!
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New Laws on Home Buying
Recently, the old laws on home buying were amended. Previously, the Government of Canada banned the purchase of property by non-Canadians. Hence, many people were upset. Of course, many of us want to buy a home in Canada. The country is one of the most beautiful ones you may ever see in the world. And when you have all the resources to buy your dream house, but there’s a law that restricts you from doing that, then no doubt it is going to put you in a bad mood.
NO MORE! The Government of Canada eased these restrictions not long ago. Which means, you can buy that property you have been eyeing! The announcement to ease restrictions came out on 27th March, 2023. The Canada Mortgage and Housing Corporation made this announcement.
About the Act
The Prohibition on the Purchase of Residential Property by Non-Canadians Act prohibited non-Canadians from buying a home in Canada, as the name suggests. However, now that it’s been amended, home buying is much easier.
So, if you have a work permit, you have the option to buy a home. But first, there are some criterias that you need to meet before purchasing any commercial land, or mixed use residential land in the nation.
Do you know what you need? Just 183 days or more of validity in your work permit when you are making the purchase. Be aware of one more thing, you can purchase only one property.
Do you know what a residential property is? According to the Act, a residential property is like a detached home, rowhouse units, semi-detached houses, residential condominium units, or buildings that are similar to that.
Moreover, vacant lands are also being considered under this Act. Vacant land zones are like residential and mixed use lands and they are also available for purchase by permanent residents.
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