Regarding the policy of “Foreigners’ Ban on Purchasing Residential Real Estate in Canada,” which has been in effect since January 1st, 2023, there has been a change in the purchase restriction for Work Permit holders as of March 27th, 2023.

Please refer to the following information.

Work Permit holders are exempt from the ban on foreigner’s purchase of residential real estate (effective March 27th, 2023).

1. Exemption conditions:
   1) The Work Permit holder must have a valid work permit for a minimum of 183 days at the time of registration for the purchase of residential real estate.
   2) The requirement for Work Permit holders to declare their income tax for three years, which was a condition for purchasing real estate, has been abolished since the purchase made four years ago.
   3) However, if the person already owns residential real estate, they cannot purchase additional real estate.
   
   

2. Note: However, the 25% foreign acquisition tax, which has been in effect since November 1st, 2022, must be paid at the time of registration.
   
   

3. 3. Therefore, if we recommend purchasing residential real estate as a Work Permit holder

      – you may consider paying the additional 25% acquisition tax currently in effect to purchase real estate,
      – or you can apply for permanent residency as a Work Permit holder
      – and consider receiving pre-sale condominiums, townhouses, or houses that can be closed after the expected issuance of the permanent residency.
      – We recommend that you consider purchasing existing properties that can be occupied and registered after the expected issuance of the permanent residency.