The Canada Mortgage and Housing Corp. has announced regulations for the ban on foreign homebuyers, which comes into effect on Jan. 1.
Starting in the new year, foreign commercial enterprises and people will be prohibited from purchasing residential properties in Canada for two years.
The ban, which was passed by Parliament on June 23, aims to address housing affordability challenges.
There are some exceptions, including for those with temporary work permits, refugee claimants and international students who meet certain criteria.
Non-Canadians found in contravention of the ban will be fined up to $10,000 and may be ordered to sell the property.
In a news release, Housing Minister Ahmed Hussen says housing shouldn’t be a “commodity” and that the ban will ensure homes are owned by Canadians.