UPDATE: Prohibition on the Purchase of Residential Property by Non-Canadians Act

On January 1, 2023, the Prohibition on the Purchase of Residential Property by Non-Canadians Act comes into force. 

As of today, December 9th, 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 had been told we 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. CREA still have not received a response.

This is totally unacceptable, and the Canadian Real Estate Association (CREA), 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, we will notify boards, associations and REALTORS®. We know this is a very difficult situation for our members and will continue to press for answers and information.

Author: bramptonrealestateboard

At the Brampton Real Estate Board (BREB) we believe in the ownership of Real Estate. Our objective is to contribute to the capability and growth of our members in their endeavors by marketing all forms of real property throughout the greater Brampton, Halton Hills and Caledon marketplaces and beyond. The Brampton Real Estate Board is dedicated to providing an environment in which it’s Member REALTORS®, employees, Board of Directors, and Committee volunteers are encouraged to grow, succeed and develop in order to provide the highest level of professional conduct and service.

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