For the past several decades, interest rates across the board have been at a historic low. While that is still technically true, interest rates have been on the rise due to increasing inflation in most markets. Consumer prices have shot up 8.6%, according to the U.S. Bureau of Labor Statistics, the highest  increase since the 1980s. Real estate markets, like anything else, have been affected by this growing interest.

On January 1, 2023, a temporary two-year measure related to foreign buyers came into eff ect, which bans certain non-Canadians from purchasing residential property in Canada (with some exceptions). The Prohibition on the Purchase Property by Non-Canadians Act (also commonly referred to as the foreign buyer ban) restricts certain foreign buyers from acquiring residential property until January 1, 2025 in large and small urban centres around the country. While this legislation may limit the direct or indirect purchase of residential property in Canada, there are still opportunities for international buyers who aspire to own property in Canada. Here’s what you need to know:

Have you decided you want to buy your dream house in Canada? Whether you are looking for a charming townhouse or a stunning detached house in the neighborhood you preferred, you’ll undoubtedly find a variety of amazing real estate options in this unique part of the country.