On January 1st 2023, there were two new pieces of legislation put into law.
The Anti-Flipping Tax on Residential Home Purchases.
Homeowners will be forced to keep their homes for a minimum of 12 MONTHS if they wish to use the primary residence tax exemption.
Prohibition on Purchase of Residential Property by Non-Canadians Act
Prohibition on Residential Property Purchases by non-Canadians for 2 YEARS. There is a potential $10,000 fine for any non-Canadian or anyone who assists in violating this Act.
The intent of this legislation is to help make Canadian residential real estate more affordable for people living in Canada.
Canadians who are looking to sell a property within 365 days of purchase may be subject to pay more in taxes.