On January 1, 2023, the Prohibition on the Purchase of Residential Property by Non-Canadians Act (the “Act”) came into effect for a two-year period. This Act prohibits non-Canadians from purchasing residential properties of all kinds, with or without conditions, directly or indirectly.
The prohibition applies to the following parties:
The Act does not apply to the following individuals:
Please note that this list is not exhaustive and these exceptions are subject to strict eligibility conditions. We recommended consulting with a legal advisor to determine whether or not you are eligible for one of these exceptions.
The prohibition applies to the following residential properties:
if the property is located within an area of Canada that belongs to a census agglomeration or a census metropolitan area. Residential properties that are not located within a census agglomeration or census metropolitan area are not subject to the Act.
Anyone who contravenes the Act, or counsels, induces, aids or abets a contravention of the Act, or attempts to do so, is guilty of an offence and is liable on summary conviction to a fine of not more than ten thousand dollars.
In the framework of a transaction, your RE/MAX broker is responsible for making sure that you are aware of this prohibition and will discuss your situation with you. This Act contains highly complex stipulations. If you have any doubts or questions about your situation, your RE/MAX broker will encourage you to consult with a legal advisor. Doing so will help ensure you are in a position to carry out your transaction with complete peace of mind.