Changes bring renewed hope to those looking to buy homes in Milton

Saeed Akhtar, The Milton Reporter

The Trudeau government has amended their legislation banning foreign ownership. The amendments offer greater flexibility to newcomers and businesses looking to increase Canada’s housing supply and allow more immigrants to purchase residential real estate in specific circumstances.

Housing, Diversity, and Inclusion Minister Ahmed Hussen announced the changes to the Prohibition on the Purchase of Residential Property by Non-Canadians Act which had placed a two-year ban on foreign buyers purchasing residential real estate in Canada. The amendments to the regulations took effect on March 27, including the ban’s removal, and an increase of the control threshold from 3 percent to 10 percent.

The work experience and filing requirements have been eliminated; however, the one-home limit remains. Refugees who are entitled to work in Canada under the Immigration and Refugee Protection Regulations, and work permit holders who have 183 days or more remaining on their work permit at the time of buying a home, will be entitled to buy a residential property.

The same conditions will apply to publicly traded companies established in Canada but controlled by foreigners. Vacant land specified for purposes of residential and other miscellaneous use will not carry the ban and the same land may be purchased and used for housing development or any other purpose as per their requirement section 3(2) has been repealed.

These changes bring renewed hope to those looking to buy homes in Milton.

“Having my own property in Milton will give me a feeling of ownership and more security. My family and I have been residing here for the last two years without our own home. We are grateful to the Canadian government for removing the ban on foreigners,” said Rajeev Singh.

“Milton is the most desirable market in Ontario. Having the opportunity of purchasing vacant land and using it for housing development or any other purpose will not be less than a blessing for us,” Milton Resident Najeeb Hassan, added.