Information for Foreign Homebuyers

As of January 1, 2023, the federal government has implemented the Prohibition on the Purchase of Residential Property by Non-Canadians Act, effectively banning non-Canadians and commercial enterprises controlled by non-Canadians from purchasing residential properties in Canada for two calendar years, with several exceptions.

Some of the key highlights listed on the CMHC website include:

• Defining residential property as buildings with three homes or less, as well as parts of buildings like a semi-detached house or a condominium unit. The law does not prohibit the purchase of larger buildings with multiple units; and
• Indicating a $10,000 fine for any non-Canadian or anyone who knowingly assists a non-Canadian and is convicted of violating the Act. If a court finds that a non-Canadian has done this, they may order the sale of the house.

It is important to note that any licensee who facilitates a residential real estate transaction in contravention of this legislation could not only be fined by the government but could be disciplined by BCFSA.

BC Financial Services Authority
600-750 West Pender Street
Vancouver, BC Canada
V6C 2T8