Still no updates from the government on regulations for foreign buyer ban
At a glance (2 minute read)
- The foreign buyer ban starts January 1, 2023, but the government still has yet to release the regulations supporting the ban.
- Your Board and CREA have been advocating for more information, and for the government to delay the ban until they do so.
- CREA’s CEO, Michael Bourque, made a statement to the Senate Committee on National Finance earlier this week speaking out against the ban.
In just three weeks, the federal foreign buyer ban will be in place, however the federal government still hasn’t shared the supporting regulations for the new law despite promises to do so, according to the Canadian Real Estate Association (CREA).
CREA wrote to the ministers responsible for the Prohibition on the Purchase of Residential Property by Non-Canadians Act in October, urging them to release the details of the regulation, or delay its implementation.
The government hasn’t responded.
Addressing the Senate
Earlier this week, CREA’s CEO, Michael Bourque, made a statement to the Senate Committee on National Finance, urging them to reconsider the Act.
“This xenophobic legislation damages Canada’s brand as a multicultural nation that welcomes people from all around the world,” said CREA CEO Michael Bourque.
You can watch the full statement below:
What we know so far
The last round of information the federal government released was in September. Since then, we’ve compiled the available information on the ban.
We’re working with CREA to get more information in advance of the January 1, 2023, start date for the ban.