On June 23, 2022, Parliament passed the Prohibition on the purchase of residential property by non-Canadians Act. Coming into force January 1, 2023, and is stated in force for a period of two years. This Act:

Does not apply to Canadian citizens and permanent residents.

Applies to non-Canadians directly or indirectly purchasing residential property in Canada for a period of two years.

Applies to residential property, including detached houses or similar buildings of one to three dwelling units, as well as parts of buildings such as semi-detached houses, condominium units, or other similar premises.

Applies to direct or indirect purchases of residential property, including purchases made through corporations, trusts or other legal entities.

Establishes penalties for non-compliance applicable to non-Canadians, as well as any person or entity knowingly assisting a non-Canadian in violating the prohibition.

Who is exempt from the prohibition on the purchase of residential property by non-Canadians? 

1. Refugees.

2. Individuals who purchase residential property with their spouse or common-law partner if the spouse or common-law partner is eligible to purchase residential property in Canada.

3. Temporary residents in Canada who satisfy conditions prescribed in the Future Regulations. The Consultation Paper indicated that students and foreign workers who meet specified criteria might be eligible.

4. Other classes of persons prescribed by the Future Regulations. The Consultation Paper indicated that there would be exemptions for any persons to whom indigenous rights under Section 35 of the Constitution Act, 1982 apply.

Please keep in mind the current January 1, 2023 coming into force date. CREA interprets this to mean should a non-Canadian enter into an agreement to purchase a relevant property on December 31, 2022, or sooner, the prohibition would not apply to that transaction. The language used in the Act suggests the prohibition applies to agreements of purchase and sale (APS) entered into after the January 1, 2023, coming into force date.

Source from CREA.CA

The average monthly rental rate for all property types in June 2022 was $2,403 per month – an annual increase of 19.1% over the June 2021 average of $2,018 per month.

Following May’s 5.7% month-over-month increase, rents jumped another 3.1% in June, the second highest monthly growth rate in over three and a half years. 

sources:
https://www.torontorentals.com/blog/toronto-gta-july-rent-report-2022