As a follow-up to the piece that LIANS published last fall “Buyer (or At Least The Non-resident Buyer And Their Lawyer) … Beware“, and in May 2023 “Mobile/Modular Homes And The Ban On Canadian Residential Property Purchases By Foreign Buyers“, there have since been amendments to the Prohibition on the Purchase of Residential Property by Non-Canadians Act (the Act) and its Regulations of which you should be made aware.
Since the Act and the Regulations came into force on January 1, 2023, the Government of Canada has identified several challenges with the interaction between the prohibition and its policy objectives. You can read more here “Regulations Amending the Prohibition on the Purchase of Residential Property by Non-Canadians Regulations” (Government of Canada, March 27, 2023). The CMHC has also published updates, FAQs, and guidance on the Act, its Regulations and amendments here:
- Amendments to the Prohibition on the Purchase of Residential Property by Non-Canadians Act’s accompanying Regulations
- Prohibition on the Purchase of Residential Property by Non-Canadians Act
- Prohibition on the Purchase of Residential Property by Non-Canadians Act – Frequently asked questions
And our friends at the BC Lawyers Indemnity Fund have prepared a summary and table of the key sections and amendments here “Significant changes to Canada’s foreign buyer ban” (May 4, 2023).
LIANSwers v83, September 2023