(604) 230-7311
asurebetinrealestate@gmail.com
Helen Gambling
  • Home
  • Properties
    • My Listings
    • My Office Listings
    • Public MLS® Search
    • Members Search
  • Buying
    • Home Finder
    • Mortgage Calculator
  • Selling
    • Home Evaluation
  • About
    • About Helen
    • Testimonials
  • Reports
    • REBGV Infographic
    • FVREB Infographic
  • News & Blog
  • Contact
RSS

Federal foreign buyer ban coming in January 2023

Posted on December 25, 2022 by Helen Gambling

Federal foreign buyer ban coming in January 2023

Tuesday, December 20, 2022
 

The federal government’s ban on new foreign ownership of residential property becomes law on January 1, 2023, disallowing anyone who isn’t a Canadian citizen or permanent resident from buying residential real estate for two years.


During this period, the federal government plans to work with provinces and municipalities to develop a framework to better regulate the role of foreign buyers in the housing market to ensure housing is available for and used by Canadians.


The Liberal Party promised the ownership ban in the 2021 election and rolled it out in the federal Budget 2022: a plan to grow our economy and make life more affordable. The budget was clear on the government’s goals:


“We will do everything we can to make the market fairer for Canadians. We will prevent foreign buyers from parking their money in Canada by buying up homes. We will make sure that houses are being used as homes, rather than as commodities to be traded,” – Budget 2022.


To this end, the government tabled Bill C-19,  Budget Implementation Act, 2022, No. 1. It received Royal Assent on June 23, 2022. Section 235 of the bill is the Prohibition on the Purchase of Residential Property by Non-Canadians Act.

Who can’t buy residential property?

The act defines a non-Canadian as:

  1. an individual who is neither a Canadian citizen nor a person registered as an Indian under the Indian Act nor a permanent resident;
  2. a corporation that is incorporated otherwise than under the laws of Canada or a province;
  3. a corporation incorporated under the laws of Canada or a province whose shares are not listed on a stock exchange in Canada for which a designation under section 262 of the Income Tax Act is in effect and that is controlled by a person referred to in paragraph (a) or (b); and
  4. a prescribed person or entity.

Exceptions

Include:

  • A temporary resident within the meaning of the Immigration and Refugee Protection Act; or
  • A non-Canadian who buys residential property with a Canadian spouse or common-law partner if the spouse or common-law partner is a Canadian citizen or permanent resident, or person registered as an Indian under the Indian Act.

Residential property

Includes any real property or immovable that is:

  1. a detached house or similar building, containing not more than three dwelling units;
  2. a semi-detached house, rowhouse unit, residential condominium unit or other similar premises, vacant land, where the land has been zoned for residential use or mixed use and is within a Census Metropolitan Area (having a population of at least 100,000) or Census Agglomeration (having a population of at least 10,000); or
  3. any prescribed real property or immovable.

Penalties

Non-Canadians found guilty of contravening the act are subject to a fine of not more than $10,000. If the federal government orders the sale of the property, the non-Canadian buyer won’t receive more than the amount paid for the property.

Property Purchased by a Non-Canadian Before January 1, 2023

The ban doesn’t apply if the agreement of purchase and sale of the residential property involving a non-Canadian is dated before January 1, 2023.

Regulations

Future regulations will provide details on transactions deemed prohibited purchases, including whether exceptions apply to conditional contracts entered into before January 1, 2023, that become unconditional on or after January 1, 2023.
 
Link: https://www.rebgv.org/content/rebgv-org/news-archive/federal-foreign-buyer-ban-coming-in-january-2023.html
 
Source: REBGV

Comments:

No comments

Post Your Comment:

Your email will not be published
Sending...
Helen Gambling
asurebetinrealestate@gmail.com
Cell: (604) 230-7311
Office: (604) 466-2838

My Featured Listings

Featured listing

FEATURED LISTING: 69 - 24185 106B Avenue Maple Ridge
69 - 24185 106B Avenue
$1,169,000
View details...

Featured listing

FEATURED LISTING: 20735 117 Avenue Maple Ridge
20735 117 Avenue
$1,399,000
View details...

Navigate

Home | Properties | Buying | Selling | About | Reports | News & Blog | Contact

Contact

Cell (604) 230-7311

asurebetinrealestate@gmail.com

 

RE/MAX LifeStyles Realty
22308 Dewdney Trunk Rd

Maple Ridge, BC

V2X 3J2

Contact Me

Sending...
Powered by myRealPage.com
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.