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Title: Cardinal Point Wealth Management Issues an Alert Regarding the Complexities of Foreign Ownership of Canadian Real Estate

Toronto, ON, United States, 22nd Apr 2025 – Recent legislative changes at the federal, provincial, and municipal levels have introduced new requirements and restrictions that impact how non-Canadians can acquire and manage residential real estate in Canada. As the regulatory environment surrounding Canadian real estate continues to evolve, Cardinal Point Wealth Management is bringing awareness to the increasingly complex landscape faced by foreign investors.Over the past several years, Canada has implemented a series of measures intended to curb foreign speculation in the real estate market and stabilize housing affordability. These changes include wide-reaching federal statutes, such as the Prohibition on the Purchase of Residential Property by Non-Canadians Act, as well as local taxes and rules targeting property usage and ownership patterns. Together, these policies create a regulatory web that non-Canadian investors must carefully navigate.One of the most significant developments is the Prohibition on the Purchase of Residential Property by Non-Canadians Act, which came into force on January 1, 2023. Initially set to expire in 2025, this temporary measure has now been extended until January 1, 2027. The Act prohibits most foreign individuals and entities from purchasing residential property in Canada. Its stated goal is to reduce foreign demand for property and ease pressure on domestic housing markets.The Act defines residential property broadly, encompassing detached and semi-detached homes, rowhouse units, and condominiums. It also casts a wide net in defining “non-Canadians,” which includes foreign nationals, non-permanent residents, and foreign-controlled entities. Violations can result in penalties of up to $10,000 and forced sale of the property. But exceptio...

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