Who exactly is banned from buying under the federal Act?
- Individuals who are not Canadian citizens or permanent residents.
- Foreign-controlled corporations (subject to specific control tests).
- Certain trusts and partnerships holding foreign interests.
- The ban applies to residential property with up to 3 dwelling units in areas with populations of 10,000 or more.
What exemptions apply to the federal ban?
- Refugees and refugee claimants.
- International students meeting specific requirements.
- Certain temporary workers meeting employment and residency criteria.
- Spouses or common-law partners of Canadians (in specific scenarios).
- Diplomats and their families.
- Non-Canadians developing 4+ unit residential property (multi-family exception).
What about Canadian residents buying in Calgary from other provinces?
No restriction. Canadian citizens and permanent residents can buy Calgary rental property regardless of which province they live in. There is no Alberta provincial residency requirement and no municipal surcharge. Toronto or Vancouver residents face the same standard mortgage rules (20 percent minimum down on investment property, stress test at higher of 5.25 percent or contract rate plus 2.0 percent) as Calgary residents.
What about non-residents already owning Calgary property?
The federal ban applies to new purchases, not to property already owned. Non-residents who acquired Calgary property before the ban took effect are not required to sell. They remain subject to Canadian tax obligations on rental income including 25 percent withholding under section 215 or the section 216 election to file on net rental income.