Image by: unsplash
The Canadian government has announced a series of amendments to the Prohibition on the Purchase of Residential Property by Non-Canadians Act, commonly referred to as the foreign buyer ban. The amendments aim to expand exceptions to the regulations, which have unintentionally caused issues for developers across the country. One of the amendments allows non-Canadians to purchase residential property for the purpose of development, which was previously only applicable to publicly-traded corporations. The maximum amount of non-Canadian control in a real estate investment trust subject to the foreign buyer ban has been increased from 3% to 10%. Additionally, non-Canadians can now purchase vacant land zoned for residential use and use it for any purpose. The amendments took effect on March 27, 2023.
Read the full article on: STOREYS
