The federal government of Canada legislated the “Prohibition on the Purchase of Residential Property by Non-Canadian Act” beginning from January 1, 2023, until December 31, 2024, with the intention of making housing more affordable.

Although there are still certain factors to be added to this act as “Anticipated regulations”, the main group of people and types of property that are affected are clear.

This act which is called “the Ban” affected the corporations formed outside of Canada or corporations controlled by a foreigner (corporations or individuals who are not permanent residents of Canada or Canadian citizens).

Moreover, individuals of non-Canadian citizens or non-residentials of Canada are forbidden from purchasing residential properties in Canada.

There are certain real estates that will be the subject of the Ban, including detached houses or buildings with three residential units or less, or a part of any building that is a rowhouse, semi-detached house, residential condominium or other similar premises intended to be owned apart from other units in the building.

There can be exceptions to this rule for refugees, individuals buying residential real estate with a spouse or common-law partner with Canadian citizenship, permanent residency, a person registered as an Indian under the Indian Act, or a refugee. Also, some temporary residents with certain criteria may be included.

It should be noted that there is a fine of up to $10,000 for any person including the buyer and any individuals involved in Canada’s residential real estate industry, including sellers, real estate agents, developers, assignors, assignees, lawyers and other professionals who knowingly contravenes the Ban.

As mentioned before, there are still many details regarding this act to be cleared in the near future by the Government of Canada, however, it is obvious that real estate sellers should be more careful about their non-Canadian customers.

Here at MICS Global, we can measure the effects of this act on you and/or your business and assist you to choose the best immigration route for your Canada dream https://mics.global/canada/.

Also, if you are interested in investing in real-estate as a way of getting residency there are many great options across Europe in Portugal and Greece, and in the UAE, which is a high demanding market and our experts at MICS Global are ready and happy to provide consults and services for these opportunities.

In the UAE market, only in 2021, the number of investments and investors increased by 73.7 and 65.6 percent, respectively, and the value of investments showed a 100 percent increase compared to 2020.

For more information about the real estate market of the UAE and how you can join this powerful industry visit our website and contact us on our social medias https://mics.global/united-arab-emirates/.