As we’ve previously warned (see Buyer (or at Least the Non-Resident Buyer and Their Lawyer) … Beware), the federal Prohibition on the Purchase of Residential Property by Non-Canadians Act, SC 2022, c 10, s 235 came into force on January 1, 2023, and, subject to any extensions or amendments, will be in effect for 2 years.

Our friends at the BC Lawyers Indemnity Fund have prepared a summary of some of the key provisions in the Act, as well as a helpful chart, both of which can be found here: Foreign buyers are banned from purchasing Canadian residential property as of January 1 (January 19, 2023)

LIANSwers Issue 79, January 2023