Policy Statement : Residential property purchases are restricted to Canadian citizens and permanent residents.
Non-residents, including those on work permits, study permits, or visitor visas, are prohibited from purchasing residential properties. Exemptions may apply to refugees or diplomatic personnel with pre-approval. Non-compliance will result in transaction nullification, monetary penalties for buyers and agents, and potential revocation of real estate licenses.
- PurposeThis policy aims to prioritize housing availability for Canadian citizens and permanent residents by limiting speculative purchases by non-residents.
- ScopeApplies to all residential property transactions in Canada. The policy impacts individual buyers, real estate developers, and real estate agents.
- Definitions
- Residential Property: Any real estate primarily used for private living purposes, including single-family homes, condominiums, and multi-family units
- Permanent Residents: Non-citizens legally authorized to reside in Canada indefinitely.