The Prohibition on the Purchase of Residential Property by Non-Canadians Act – What You Need to Know In an effort to calm housing prices and increase affordability, Parliament passed the Prohibition on the Purchase of Residential Property by Non-Canadians Act (the “Act”), which comes into force on January 1, 2023. The Act creates a prohibition on non-Canadians from directly or indirectly purchasing residential property, including condominium units and detached or semi detaches houses, for a period of two years, subject to a number of exceptions set out in Section 4(2) of the Act. Specifically, the prohibition does not apply to:... View Article