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In the 2022 federal budget, the Trudeau government announced a bill banning non-Canadians from buying residential properties, effective January 1, 2023.
Trudeau announced that the two-year ban applies to foreign companies and individuals who are not Canadian citizens or permanent residents, including direct and indirect purchases.
With the turmoil in financial markets and the collapse in house prices, investors around the world seem to be less enthusiastic about buying real estate abroad.
Even so, Canadian real estate experts are still watching the ban on foreign buyers, which will take effect next month.
Lawyer John Zinati (John Zinati) warned that any industry participant who works with a foreign buyer could face a fine of up to C $10000.
“We are going to be fined,” lawyer Zinati said.
According to Zinati, if you illegally assist foreign buyers to buy a house, the heavy penalties include lawyers, real estate agents, real estate companies and developers.
One of the areas that lawyer Zinati is most concerned about is more information about how the rules will be enforced and whether the final rules will be as lenient as the government’s original position.
“on the face of it, including lawyers and brokers may be fined, which is very radical,” he said.
He noted that the Ontario Federation of legal Associations had raised concerns about the legislation. Some lawyers also believe that the federal law may be challenged because in Canada, the authority of housing property rights is under the jurisdiction of the provincial government.