In December, the Government of Canada made a new rule called the Foreign Buyer Ban. This rule made it hard for people from other countries to buy houses in Canada. But, it was confusing for people who wanted to buy houses and for people who help them, like real estate agents and mortgage brokers.
So, on March 27, 2023, the government made some changes to the rule to make it easier and clearer. Here's what's new:
1. People with Work Permits Can Buy Houses Before, people who had a work permit in Canada had to wait for three years and pay taxes before they could buy a house. Now, if they have a work permit and can work in Canada for at least 183 more days, they can buy one house.
2. Buying Houses to Build New Ones Now, people from other countries can buy houses if they plan to build something new on the land. This means they can make bigger houses or change what the house is used for. But, they can't just fix or remodel the house.
3. Buying Empty Land for Houses Before, people from other countries couldn't buy empty land where houses could be built. Now, they can buy this land and use it for any reason.
4. More Foreign Owners Allowed in Companies Companies in Canada couldn't buy houses if more than 3% of the people who owned the company were from other countries. Now, this number has gone up to 10%.
These changes make it easier for people from other countries to buy houses in Canada. It's important for home buyers and people who help them to know about these new rules.
Now that you're up to date on the latest changes to the foreign buyer ban, don't miss out on your chance to find your dream home in Canada. Contact us today at www.portcreditmortgages.com to start exploring your options and take advantage of these new opportunities. I am here to guide you every step of the way. Click the button below to get started on your home-buying journey!