JUST SOLD: 3+1 Beds, 3 Baths, 2-Car Garage on 1 Acre*
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Prohibition on the Purchase of Residential Property by Non-Canadians Act
On January 1, 2023, the federal Prohibition on the Purchase of Residential Property by Non-Canadians Act and associated Regulations (the “Act”) came into force and effect. As the name suggests, the Act bans Non-Canadians, as defined by the Act, from directly or indirectly purchasing certain Residential Property in Canada for a period of two years.
- Prohibition on the Purchase of Residential Property by Non-Canadians Act
- Prohibition on the Purchase of Residential Property by Non-Canadians Regulations
- Canadian Canada Mortgage and Housing Corporation (CMHC) FAQ
NEW AMENDMENTS EFFECTIVE MARCH 27, 2023
Enable more work permit holders to purchase a home to live in while working in Canada.
The amendments will allow those who hold a work permit or are authorized to work in Canada under the Immigration and Refugee Protection Regulations to purchase residential property. Work permit holders are eligible if they have 183 days or more of validity remaining on their work permit or work authorization at time of purchase, and they have not purchased more than one residential property. The current provisions on tax filings and previous work experience in Canada are being repealed.
Repealing existing provision so the prohibition doesn’t apply to vacant land.
We are repealing section 3(2) of the regulations, so the prohibition does not apply to all lands zoned for residential and mixed use. Vacant land zoned for residential and mixed use can now be purchased by non-Canadians and used for any purpose by the purchaser, including residential development.
Exception for development purposes.
This exception allows non-Canadians to purchase residential property for the purpose of development. The amendments also extend the exception currently applicable to publicly traded corporations under the Act, to publicly traded entities formed under the laws of Canada or a province and controlled by a non-Canadian.
Increasing the corporation foreign control threshold from 3% to 10%.
For the purposes of the prohibition, with regards to privately held corporations or privately held entities formed under the laws of Canada or a province and controlled by a non-Canadian, the control threshold has increased from 3% to 10%. This aligns with the definition of ‘specified Canadian Corporation’ in the Underused Housing Tax Act.
Stunning Brick Bungalow with Fully Updated Kitchen, Finished Basement, and an Incredible Backyard Oasis Sitting On 1 Acre Near Pigeon Lake!

If you’re looking for a cozy and spacious home in a peaceful neighborhood, this red brick bungalow with 3+1 bedrooms, and 3 bathrooms on a sprawling 1-acre lot with a finished basement is definitely worth considering. Located in the tranquil area of Downeyville, this property has a lot to offer with its impressive backdrop and country setting.
As soon as you step inside the house, you’ll be greeted by the bright and airy living space with an open-concept living and dining area. The bay window and sliding doors provide ample natural light and create a welcoming atmosphere. The floors add a warm touch, and the elegant finishes throughout the home create a relaxed feel.
The fully-finished basement is one of the standout features of this property. It includes a bedroom, a 3-piece bathroom with a urinal, a wet bar, a gym area, a laundry room, and a cozy fireplace. This space is perfect for relaxing, hosting gatherings, or even converting into a separate living space. You’ll have plenty of room for all your hobbies and interests.
When it’s time to unwind, head to the fully fenced backyard. The pergola provides shade and adds character to the space, while the hammock and fire pit offer the perfect place to relax and enjoy the outdoors. The hot tub is an excellent feature that adds relaxation to your lifestyle, while the perennial gardens and adjoining planted forest add a touch of nature to your surroundings. The garden shed provides ample storage for your tools and equipment.
Overall, this red brick bungalow is a must-see for anyone looking for a comfortable and convenient home with an abundance of flora and fauna. The combination of functional, spacious living areas, decently sized bedrooms, and beautiful outdoor space make this property an excellent investment for families or anyone who loves to entertain.
Book a showing today and see for yourself all that this property has to offer!
February 2023 Real Estate Market Update Videos
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February 2022 Real Estate Market Update For The Greater Toronto Area

GTA HOME SALES AND LISTINGS DROP IN FEBRUARY Uptick in Homebuying Expected Later This Year TORONTO, ONTARIO, MARCH 3, 2023 – February sales in the Greater Toronto Area (GTA) were down substantially from the pre-rate hike levels of early 2022. However, the number of new listings also dropped substantially year-over-year. The result was that the average selling price and MLS® HPI continued to level off after trending lower through the spring and summer of last year.
“It has been almost a year since the Bank of Canada started raising interest rates. Home prices have dropped over the last year from the record peak in February 2022, mitigating the impact of higher borrowing costs. Many homebuyers have also decided to purchase a lower-priced home to help offset higher borrowing costs. The share of home purchases below one million dollars is up substantially compared to this time last year,” said Toronto Regional Real Estate Board (TRREB) President Paul Baron.
GTA REALTORS® reported 4,783 sales through TRREB’s MLS® System in February 2023 – down 47 per cent compared to February 2022, the last full month before the onset of interest rate hikes. The number of new listings entered into the system was down by a similar annual rate of 40.9 per cent to 8,367.
“New listings continued to drop year-over-year in the GTA. Recently released Ipsos polling suggests buying intentions have picked up for 2023. This increased demand will run up against a constrained supply of listings and lead to increased competition between buyers. This will eventually lead to renewed price growth in many segments of the market, especially those catering to first-time buyers facing increased rental costs,” said TRREB Chief Market Analyst Jason Mercer.
The average selling price for February 2023 was $1,095,617 – down 17.9 per cent compared to February 2022. Some of this decline is attributable to the fact that the share of sales below $1,000,000 was 57 per cent in February 2023 versus only 38 per cent a year earlier. On a monthly basis, the average price followed the regular seasonal trend, increasing relative to January 2023. The MLS® Home Price Index (HPI) Composite Benchmark was down year-over-year by a similar annual rate of 17.7 per cent, but was also up on a monthly basis.
“As we move toward a June mayoral by-election in Toronto, housing supply will once again be front and centre in the policy debate. New and innovative solutions, including the City of Toronto’s initiative to allow duplexes, triplexes and fourplexes in all neighbourhoods citywide, need to come to fruition if we are to achieve an adequate and diverse housing supply that will support record population growth in the years to come,” said TRREB Chief Executive Officer John DiMichele.