If you were thinking of buying a vacation or second home in the Frozen North, you need to put your plans on hold. As of Jan. 1,2023, Canada has enacted a two-year ban on the purchase of residential property by most non-residents. The Prohibition on the Purchase of Residential Property by Non-Canadians Act was passed after the government of Canada blamed the countries’ housing affordability problems on non-Canadians, saying they have drove the prices up beyond what the locals can afford. The main target appears to be Asian buyers, who over the last couple of decades have bought a large number of homes in Western Canada and Toronto.
