British Columbia Real Estate Law Guide April 2023: What You Need to Know Re: The New Prohibition on Foreign Purchases of Real Estate

The Government of Canada has enacted the Prohibition on the Purchase of Residential Property by Non-Canadians Act (the “Act”) which came into effect January 1, 2023. The Act prohibits the “purchase” of any “residential property” directly or indirectly by “non-Canadians.”; It is presently only intended to be in effect for the calendar years 2023 and 2024. The Prohibition on the Purchase of Residential Property by Non-Canadians Regulations (the “Regulations”), released on December 21, 2022, provide additional detail on key elements of the Act.

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This article was published by British Columbia Real Estate Law Guide April 2023 a division of LexisNexis Canada.