Up To Speed: Prohibition on the Purchase of Residential Property by Non-Canadians/0 Comments/in Market News/by TanTeam Editorial
In the last federal election campaign, three of the main political parties made commitments related to limiting or heavily taxing foreign buyers wishing to purchase property in Canada. Their experience with British Columbia’s Foreign Buyer Tax (implemented in August 2016) and the Speculation and Vacancy Tax (SVT) (introduced in the province’s ‘Budget 2018’), suggests such measures have a small and often temporary effect on real estate markets, housing availability and affordability. The effects are largely isolated to large metropolitan markets, with no statistically significant impact in smaller communities.
On June 23, 2022, Parliament passed the Prohibition on the purchase of residential property by non-Canadians Act. Coming into force January 1, 2023, this Act:
- Does not apply to Canadian citizens and permanent residents.
- Applies to non-Canadians directly or indirectly purchasing residential property in Canada for a period of two years.
- Applies to residential property, including detached houses or similar buildings of one to three dwelling units, as well as parts of buildings such as semi-detached houses, condominium units, or other similar premises.
- Applies to direct or indirect purchases of residential property, including purchases made through corporations, trusts or other legal entities.
- Establishes penalties for non-compliance applicable to non-Canadians, as well as any person or entity knowingly assisting a non-Canadian in violating the prohibition.
It is prudent that you obtain the latest up-to-date information regarding this new government Act. Consult with The TanTeam for more information!
Read more about the featured article covering this topic here.
GTA REALTORS® Release Monthly Resale Housing Figures For September 2021/0 Comments/in Market News/by TanTeam Editorial
GTA REALTORS® Release Monthly Resale Housing Figures For August 2021/0 Comments/in Market News/by TanTeam Editorial
GTA REALTORS® Release Monthly Resale Housing Figures For July 2021/0 Comments/in Market News/by TanTeam Editorial
6948 Financial Dr, Mississauga ON L5N 8J4
324 Guelph St, Georgetown, ON L7G 4B5
459 Main St E, Milton, ON L9T 1R1
273 Queen St, Acton, ON L7J 1P8
122 Main St, Erin, ON N3A 3E4
17228 Mississauga Rd, Belfountain, ON L7K 0E6
- Climbing Demand and Limited Supply: GTA Housing Market Sees Soaring Sales but Faces Supply ShortageJune 2, 2023 - 5:23 PM
- GTA REALTORS® Release April 2023 StatsMay 9, 2023 - 2:28 PM
- GTA REALTORS® Release March 2023 StatsApril 5, 2023 - 2:00 PM
- GTA REALTORS® Release February 2023 StatsMarch 3, 2023 - 2:04 PM
- GTA REALTORS® Release January 2023 StatsFebruary 3, 2023 - 3:45 PM
- GTA REALTORS® Release December 2022 StatsJanuary 5, 2023 - 9:08 PM
- GTA REALTORS® Release November 2022 StatsDecember 6, 2022 - 6:15 PM
- GTA REALTORS® Release October 2022 StatsNovember 3, 2022 - 3:13 PM
- GTA REALTORS® Release September 2022 StatsOctober 5, 2022 - 1:22 PM
- Up To Speed: Prohibition on the Purchase of Residential Property by Non-CanadiansOctober 3, 2022 - 7:38 PM
- $989,000 – Northwest Brampton – AvailableMay 2, 2023 - 12:45 PM
- $2,400 – High Park – Swansea – AvailableFebruary 15, 2023 - 8:00 AM
- $585,000 – High Park – Swansea – SOLDJanuary 16, 2022 - 9:46 AM
- $499,500 – Queen Street Corridor – Brampton – @Symphony Condos on Queen – SOLDDecember 26, 2021 - 10:13 AM
- $825,000 – Downtown Brampton – Brampton – SOLDNovember 27, 2021 - 11:05 AM
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