Crack Down on Foreign Ownership
A re-elected Liberal government will:
- Ban foreign money from purchasing a nonrecreational, 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.
- Extend Canada’s first-ever national tax on nonresident, non-Canadian owners of vacant, underused housing, announced to begin on January 1, 2022 to include foreign-owned vacant land within large urban areas.
- 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.