The federal government recently announced a two-year extension to the prohibition on non-Canadians purchasing residential property. Initially set to expire on January 1, 2025, this restriction will now remain in effect until January 1, 2027.
The federal government's announcement on February 4, 2024, makes no mention of any specific amendments to the Prohibition on the Purchase of Residential Property by Non-Canadians Act and its regulations (the "Act").
Aird & Berlis LLP has been monitoring the Act since it was first announced. For more information, please see our bulletin discussing the Act and its regulations and our bulletin on the amendments made to the regulations.
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