On January 1, 2023, the Prohibition on the Purchase of Residential Property by Non-Canadians Act comes into force.
As of today, 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 has been told they would be receiving a communication last week, but received word there was another delay.
In the absence of new details, this information published in News2Me in September continues to be accurate.
In October, representatives at CREA formally wrote to the Ministers responsible for the Act and asked for a delay to the coming into force of the legislation. They 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, CREA will notify boards, associations and REALTORS®. They know this is a very difficult situation for you and will continue to press for answers and information.
