Winnipeg Mortgage Brokers Explain Canada’s New Foreign Buyer Ban

The new year brought with it a new buyer ban. Effective January 1, 2023, non-Canadians are prohibited from purchasing residential real estate for a period of two years. The government as announced several exemptions which include:

  • permanent residents
  • non-Canadians who purchase residential property with their spouse or common-law partner as long as the spouse or common-law partner is eligible to purchase residential property in Canada.
  • refugees
  • temporary residents who are either:
    • enrolled in a program of authorized study at a designated learning institution and:
      • the purchase price of the property does not exceed $500,000
      • they have filed income tax returns in Canada for five years before the purchase year
      • were physically present in Canada for a minimum of 244 days each of the five calendar years before the purchase was made
      • they have not purchased more than one residential property
    • holding a work permit or are authorized to work in Canada and:
      • have worked full-time in Canada for a minimum of three years within the four years before the purchase year
      • they have filed all required income tax returns for a minimum of three of the four tax years before the purchase year
      • they have not purchased more than one residential property
  • foreign nationals who hold a passport that contains a valid diplomatic, consular, official, or special representative acceptance issued by the Chief of Protocol for the Department of Foreign Affairs, Trade and Development
  • acquisition of an interest or real right resulting from death, divorce, separation, or a gift
  • the rental of a dwelling unit to a tenant for the purpose of its occupation by the tenant
  • the transfer under the terms of a trust that was created prior to the coming into force of the Act
  • the transfer resulting from the exercise of a security interest or secured right by a secured creditor.

If you have any questions about the “Prohibition on the Purchase of Residential Property by Non-Canadians Act,” please contact one of our trusted One Link Mortgage Brokers at or 204-954-7620 today.



Source: Mortgage Professionals Canada