Prohibition on the Purchase of Residential Property by Non-Canadians Act
The Prohibition on the Purchase of Residential Property by Non-Canadians (the “Act”) came into effect on January 1, 2023, with the aim of improving affordable housing in Canada. The Act imposes a comprehensive prohibition on the acquisition of residential property by non-Canadian individuals for a period of 2 years. This prohibition encompasses both direct and […]
Tendering a Real-Estate Transaction: When and Why it is Necessary?
To be tendered describes a state of preparation. When closing the sale of a property, the closing date is a term of the agreement, which like any other, can be breached. To make a claim for the breach of the closing date, the claiming party must demonstrate that they would have closed if not for […]
Raising a Glass to Prohibition
Raising a Glass to Prohibition Amendments have been made to ease the restrictions against foreign home buying in Canada Background Just months after the Prohibition on the Purchase of Residential Property by Non-Canadians Act (the “Act”) went into force, new amendments have been enacted to ease and cool off the lofty restrictions that were imposed. […]