Amendments to the Prohibition on the Purchase of Residential Property by Non-Canadians Act enabling more work permit holders to purchase a home to live in while working in Canada.
The amendments will allow those who hold a work permit or are authorized to work in Canada under the Immigration and Refugee Protection Regulations to purchase residential property. Work permit holders are eligible if they have 183 days or more of validity remaining on their work permit or work authorization at time of purchase, and they have not purchased more than one residential property. The current provisions on tax filings and previous work experience in Canada are being repealed.
Read the full article at the website of Canada Mortgage and Housing Corporation (CMHC)
Attend our upcoming First-Time Home Buyers Seminar to learn more about such changes in the regulations.
