New Federal Legislation Prohibiting the Purchase of Residential Property by Non-Canadians

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 - There are exemptions

Article Provided by CREA The Canadian Real Estate Association

If you have further questions about the New Federal Legislation or about Real Estate, please feel free to reach out. I provide many different ways to communicate. We can have a telephone call, email, zoom call, or meet for a coffee. I look forward to hearing from you.  

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