The government released the regulations supporting the federal foreign buyer ban now, defining what the ban will look like.
These regulations outline:
The definition of a residential property, foreign buyer, and purchase;
Exceptions for temporary residents that meet specific obligations that include students or workers, refugees, and accredited members of foreign missions in Canada; and
Penalties for non-compliance applicable to Non-Canadians, as well as any person or entity knowingly assisting a Non-Canadian in violating the prohibition
There’s still little information on how this law and its regulations will be interpreted and enforced.
Please read it carefully using the link above if you are interested, or contact Gino Pezani, for further questions.