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The current 'Purchase of Residential Property by Non-Canadians Act' does not exclude all foreign home buyers from purchasing homes in Canada. Similar to most rules, there are always exceptions.

Buyers Exempt of the Act

• An individual who is a non-Canadian and who purchases residential property in Canada with their spouse or common-law partner if the spouse or common law-partner is a Canadian citizen
• A temporary resident within the meaning of the Immigration and Refugee Protection Act who satisfies prescribed conditions. 

See your financial/tax advisor for advice in your particular situation

The federal government has taken bold action and worked with all orders of government to build more homes, faster, and put homeownership back within reach for more Canadians. In effort to achieve their goals, foreign commercial enterprises and people who are not Canadian citizens or permanent residents are prohibited from purchasing residential property in Canada until January 1, 2027.