Published January 11, 2023
The Prohibition on the Purchase of Residential Property by Non-Canadians Act
The Prohibition on the Purchase of Residential Property by Non-Canadians Act was put into effect on January 1st, 2023 for the next 2 years.
It does not apply to:
- Canadian Citizens
- Permanent Residents
- A person registered as an Indian under the Indian Act.
There are exceptions for:
- Students
- Working Visas
HOWEVER there is a minimum number of years for both cases where you need to reside and file taxes in Canada; 5 and 3 years respectively. There is also a threshold for students of < $500,000.
Corporations also have particular permits and exemptions under this act.
This applies to residential metropolitan ("metro") properties under 3 units only.
The only metro area in Newfoundland is St. John's metro, which is defined as extending south to Witless Bay and west to Holyrood.
It does not apply to property outside of metro, nor to recreational property.
You can always reach out to learn more about your unique circumstance.
Nicole Darbaz, REALTOR®
Your Trusted, St. John’s Metro, Real Estate Expert
Darbaz Real Estate Group
Keller Williams Platinum Realty
709-691-1373
NicoleDarbaz@kw.com
MLS®
Are you buying or selling a home?
When are you planning on buying a new home?
Are you pre-approved for a mortgage?
Would you like to schedule a consultation now?
When are you planning on selling your home?
or another way