๐The Canadian government has extended the Prohibition on the Purchase of Residential Property by Non-Canadians Act until January 1st, 2027, aiming to address housing availability for Canadians. The ban encompasses residential properties within Census Metropolitan Areas and Census Agglomerations. Exceptions include instances of divorce, separation, gifts, and death, along with property development. Non-Canadians with valid work permits can now purchase mixed-use and commercial land, subject to conditions. Violations of the act may lead to criminal charges, fines up to $10,000 CAD, and potential property sale orders. This extension is part of broader efforts to enhance affordable housing, complementing initiatives like the Apartment Construction Loan Program.โ
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