We will temporarily ban new foreign ownership in Canadian housing to ensure Canadians have more access to purchasing homes. As a temporary measure to help stabilize the housing market coming out of COVID-19, we will ban foreign money from purchasing a non-recreational, residential property in Canada for the next two years, unless this purchase is confirmed to be for future employment or immigration in the next two years. This will also allow us to work with provinces and municipalities to develop a framework to better regulate the role of foreign buyers in the Canadian housing market so that this money does not deter housing from being available for and used by Canadians.
As outlined in Budget 2021, we are implementing, starting January 1, 2022, Canada’s first-ever national tax on non-resident, non-Canadian owners of vacant, underused housing and we will extend this to include foreign-owned vacant land within large urban areas.