
16 January 2023
Comprehensive Summary of the Prohibition of Purchase of Residential Property by Non-Canadians Act
On January 1, 2023, the Prohibition on the Purchase of Residential Property by Non-Canadians Act (the “Act”) came into force. Under section 4(1) of the Act, non-Canadians will be prohibited from purchased any residential property in Canada. Defining The Meaning Of “Residential Property” The term “Residential Property” is defined section 2 of the Act as:…