Content below by BC Financial Services Authority
The Act prohibits individuals who are not Canadian citizens or permanent residents of Canada (collectively, “non-Canadians”) from purchasing residential property in Canada for a period of two years. The prohibition also applies to corporations that are not incorporated in Canada or are controlled by non-Canadians
Content from the BCREA
REALTORS®, along with lawyers and notaries, have an obligation to inform their clients. The legislation does not rely on REALTORS® to enforce the prohibition. However, REALTORS® who knowingly assist a non-Canadian in contravening the prohibition can be found guilty of an offence and liable on summary conviction to a fine of up to $10,000.
Article provided by cmhc-schl.gc.ca - There are exemptions
Article Provided by CREA The Canadian Real Estate Association
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