The Macchiusi Sales Team, Weiss Realty Ltd Brokerage (2022)
On January 1, 2023, the Prohibition on the Purchase of Residential Property by Non-Canadians Act comes into force.
The Canadian Real Estate Association (CREA) has just informed all boards across Canada that as of today, December 9, the government has still not released the supporting regulations for the law. Regulations typically include definitions, exceptions, and enforcement elements to help individuals understand and comply with the law. CREA has been told they would be receiving a communication this week, but received word there was another delay yesterday.
In the absence of new details, this information published in News2Me in September continues to be accurate.
In October, CREA formally wrote to the Ministers responsible for the Act and asked for a delay to the coming into force of the legislation. They still have not received a response.
CREA has indicated that this is totally unacceptable, and they, as well as other affected groups, have made multiple interventions to the government to indicate as much. This week, CREA's CEO, Michael Bourque, made the following statement at the Senate Committee on National Finance.
As soon as any guidance is released, CREA will notify boards, associations and REALTORS®. They know this is a very difficult situation for our Members and will continue to press for answers and information.
What You Need to Know about the Prohibition on the Purchase of Residential Property by Non-Canadians (Foreign Buyers Ban)
The Macchiusi Sales Team - Weiss Realty Ltd. Real Estate Brokerage (2022)