Regulations for ban on foreign homebuyers announced, law coming into effect Jan. 1OTTAWA — The Canada Mortgage and Housing Corp. has announced regulations for the ban on foreign homebuyers, which comes into effect on Jan. 1. Starting in the new year, foreign commercial enterprises and people will be prohibited from purchasing residential properties in Canada for two years. Non-Canadians found in contravention of the ban will be fined up to $10,000 and may be ordered to sell the property. This report by The Canadian Press was first published Dec. 21, 2022. The Canadian Press

Source: National Post December 21, 2022 22:20 UTC