Foreign Buyers
A ban on Foreign Buyers commenced on Jan 1st/2023. This prevents non citizens and non residents from purchasing real estate here in Canada for a period of 2 years. This was passed as part of C-19 on June 23 of 2022. The purpose of this was to cool our hot housing market. However I don’t think it was needed as the rise in interest rates have taken care of that.
The law does state that anyone who knowingly assists non Canadian’s in purchasing real estate can be fined up to 10,000 for the offence. While nobody wants to receive such a fine, we are still waiting for the full explanation of the regulation, and I will do my best to explain what has been provided thus far.
There are some exceptions as outlined in this government publication.
- Properties outside of Census Metropolitan Area (CMA) or Census Agglomeration (CA) To put this in common language, rural properties with populations less than 10,000 are exempt.
- Recreational Properties like cottages ( outside of CMA or CA)
- Vacant Land within large urban centre’s that has been zoned residential
- Indigenous peoples
- International Students on the path towards permeant residency
- Those who are on work permits residing in Canada
- Individuals fleeing international crises
- Accredited members of foreign missions in Canada
It took a lot of digging to find this information, and if you still have questions it will be best to direct those to your Realtor or your lawyer representing you in your transaction.
Today I am thankful for a quiet stormy day yesterday, a great book to help fill my day and a very playful puppy who kept us busy if we sat down too long.
I look forward to hearing from you in regard to your mortgage needs.
Patrick
p.s- You can click on this link to start the process whenever you are ready. Schedule your meeting with me here.
p.s.s- I should tell you that I am licensed in Nova Scotia Brokerage (2022-3000179) Broker (2022-3000180), Ontario(M18001555) & in British Columbia(BCFSA #504098).
p.s.s.s You can download my new mortgage app here
