LIANS wanted to ensure that members are aware of the pending federal Prohibition on the Purchase of Residential Property by Non-Canadians Act, which was passed on June 23, 2022. It will come into force on January 1, 2023, and, subject to any extensions or amendments, will be in effect for 2 years. The Government of Canada announced this measure to help reduce foreign money coming into Canada to buy residential real estate.
There are many websites discussing this topic, and members are expected to inform themselves on the legislation to therefore be able to inform their clients. CMHC published a consultation paper available which may also be of some assistance: CMHC Consultation Paper on Prohibition on the Purchase of Residential Property by Non-Canadians Act
LIANSwers v77, September 2022