The Government of Canada has taken action in response to advocacy efforts by numerous stakeholders including the Thunder Bay Chamber of Commerce.
On March 27, 2023, the Honourable Ahmed Hussen, Minister of Housing and Diversity and Inclusion, announced amendments to the Prohibition on the Purchase of Residential Property by Non-Canadians Act’s accompanying Regulations.
“To provide greater flexibility to newcomers and businesses seeking to contribute to Canada, the Government of Canada is making important amendments to the Act’s Regulations. These amendments will allow newcomers to put down roots in Canada through home ownership and businesses to create jobs and build homes by adding to the housing supply in Canadian cities. These amendments strike the right balance in ensuring that housing is used to house those living in Canada, rather than a speculative investment by foreign investors,” said Minister Hussen.
The Chamber would like to thank our local Members of Parliament, the Hon. Patty Hajdu and Marcus Powlowski for their efforts in support of this regulation change.