Ottawa: Canada’s Mortgage and Housing Corporation (CMHC) has made several amendments to the law, shortly after the ban on foreign home buyers in Canada since January 1.

According to the important amendment made in this, non-Canadians will also be able to buy residential property in Canada under certain circumstances.

According to the announcement made by the Minister of Housing and Diversity and Inclusion Ahmed Hussain on March 27, the changes made to Canada’s Prohibition on the Purchase of Residential Property by Non Canadians Act will benefit work permit holders, foreign-owned public and private corporations.

The amendments will give newcomers the right to buy homes to strengthen their roots in Canada, and businesses who will be able to create employment opportunities and build homes will also benefit, the CMHC said in a press release issued by the CMHC.

The ban was first imposed in January this year under a law passed by Parliament in June 2022. Under this, commercial enterprises and people living outside Canada were banned from buying residential property in the country.

According to the CMHC, the real purpose of this law was to make the house more affordable for Canadians.

According to the new rules, anyone in Canada who has a work permit will be able to purchase a residential property during the working period. Therefore, at the time of buying a house to be eligible, the permit holders must have 183 days left of the work permit and should not have any residential property beforehand.

Under the new rules, the ban will no longer apply to residential and mixed use on vacant land zones. Apart from this, foreigners will also be able to buy residential property with the intention of housing development. Based on these amendments, the exemption will now apply to publicly traded companies set up in Canada and controlled by foreigners.

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