{"id":6386,"date":"2023-05-04T15:27:40","date_gmt":"2023-05-04T19:27:40","guid":{"rendered":"https:\/\/www.immobilierfp.com\/?p=6386"},"modified":"2023-05-04T17:30:47","modified_gmt":"2023-05-04T21:30:47","slug":"legislations-ayant-une-incidence-sur-le-secteur-immobilier-en-2023","status":"publish","type":"post","link":"https:\/\/www.immobilierfp.com\/en\/conseil-immobilier\/legislations-ayant-une-incidence-sur-le-secteur-immobilier-en-2023\/","title":{"rendered":"Legislation impacting the Canadian Real Estate sector in 2023"},"content":{"rendered":"

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On January 1, new policies came into effect impacting the Canadian real estate sector<\/h1>\n

Sellers and professionals in the real estate sector are facing new policies that took effect on January 1. Information that affects us all at one level or another!<\/p>\n

Below you will find details about the Non-Canadian Home Ownership Ban Act<\/strong><\/em>, as well as information about the new anti-flip law.<\/strong><\/em><\/p>\n

Federal policies regarding real estate<\/h2>\n

Prohibition on Purchase of Residential Real Property by Non-Canadians Act (Prohibition on Purchase by Foreigners)<\/em><\/h3>\n

As of January 1, 2023,<\/strong> the federal government began banning non-Canadians from buying residential properties in Canada and this ban will be in effect for two years. The Act was implemented with the goal of making housing more accessible to Canadians.<\/p>\n

According to this law<\/strong>, a residential property includes detached and semi-detached properties, townhouses, condominium apartments and buildings with three units or less.<\/p>\n

Penalties:<\/strong> The Act states that a non-Canadian who contravenes the ban or any person or entity who knowingly assists a non-Canadian in contravening the ban may be fined up to $10,000. In addition, a court can order the sale of a purchased property if it is found that a non-Canadian acquired it in contravention of the Act.<\/p>\n

Exemptions include (non-exhaustive list)<\/h2>\n