Broadly speaking, the Ban prohibits foreign corporations and individuals who are not permanent residents of Canada or Canadian citizens from purchasing residential real estate in Canada between January 1, 2023, and December 31, 2024. Any contractual obligations arising or assumed prior to January 1, 2023, will not be subject to the Ban.
Who Is Impacted by the Ban?
Beginning January 1, 2023, persons who meet the definition of “non-Canadian” under the Act will be subject to the Ban, including:
- corporations incorporated outside of Canada;
- corporations “controlled” by foreign corporations or individuals who are not permanent residents of Canada or Canadian citizens (with “control” to be defined in the Anticipated Regulations);
- individuals who are neither Canadian citizens nor a permanent residents of Canada; and
- such other individuals and entities to be listed in the Anticipated Regulations.
You might be exempted if:
- You are a Canadian citizen or a permanent resident of Canada (with a valid residency card), or an accepted refugee. Some other residents, under a student or work visa, might also be exempted.
- You are buying the property in co-ownership with your Canadian citizen or permanent resident spouse (details on requirements to come).
- You are purchasing a multiplex consisting of three dwellings or more, i.e.: triplex.
- You are purchasing a commercial usage property, i.e.: an office space or a retail store.
- You signed a purchase contract with the vendor prior to January 1, 2023.
- The property is situated in recreational areas, such as Mont-Tremblant and Whistler, that can only be used for vacation purposes (clarifications to come).
We anticipate that Fernie and other rural and recreational areas in Canada may be exempt from the ban. Stay tuned for more information.
-Fernie Real Estate Group