Since January 1, 2023, the Canadian government has prohibited non-Canadian buyers from acquiring residential property until December 31, 2024.
It is important to know that this law applies only to buildings located in a census metropolitan area with a total population of at least 100,000, of which at least 50,000 live in the core. Residences located outside these territories are excluded from the ban.
The Non-Canadian Residential Property Prohibition Act (the “Act”) defines residential property as buildings that include no more than 3 living quarters. Semi-detached houses and condominiums are included. The Act does not prohibit the purchase of larger buildings, i.e. buildings with 4 or more residential premises.
Buying real estate remains the best investment of money during inflation, when the currency depreciates. Therefore, even with an increase in interest rates for mortgages, the number of the inventory of the real estate properties for sale in Montreal has not increased. And with a decrease in interest on mortgages, a significant rise in prices is expected because many families postponed the purchase until better times.
Do not hesitate to contact me if you wish to invest in a 4-plex or multiplex!
Presently here is 6-plex with revenue of $65,000/year near Lionel-Groulx metro station. Centris.ca : 13956708
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