The Prohibition on the Purchase of Residential Property by Non-Canadians Act, P.C. 2022-1259, was passed on December 2, 2022. This Act seeks to protect Canadians from the adverse effects of foreign investment in the Canadian housing market by prohibiting non-Canadians from purchasing residential properties in Canada. In doing so, it also seeks to stabilize the housing market and ensure affordability. Introducing regulation to the market, incentivizes Canadians to invest in residential real estate, which helps to ensure the health of the overall economy.