In early 2022, the Federal Government announced its intent to prohibit non-Canadians from purchasing residential property in Canada for a period of two years. On December 21, 2022, the Federal Government released the supporting regulations on the Prohibition on the Purchase of Residential Property by Non-Canadians Act (Foreign Buyers Ban) which includes definitions, exceptions, and enforcement elements to help individuals understand and comply with the law, which has come into effect on January 1, 2023. Click eMemo #4223 to learn more about the regulations.
If you have any enquiries or feedback regarding the Foreign Buyers Ban, please contact us at communications@fvreb.bc.ca.