The Urban Development Institute includes Bennett Jones' analysis of the Prohibition on the Purchase of Residential Property by Non-Canadians Act (Act) in the UDI Federal News update. The Act went into effect on January 1, 2023, and is in place for two years.
The accompanying regulations were released on December 21, 2022, and clarify several key sections of the Act, including key definitions of applicability and exemptions. Details are available in the Bennett Jones blog, New Rules for Foreign Home Buyers in Canada Come Into Force January 1, 2023: Here's What You Need to Know.
Please note that this publication presents an overview of notable legal trends and related updates. It is intended for informational purposes and not as a replacement for detailed legal advice. If you need guidance tailored to your specific circumstances, please contact one of the authors to explore how we can help you navigate your legal needs.
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