Recently our office had the privilege to sit down with a real estate lawyer and learn more in depth what this new Canada Foreign Buyer Ban means.
Some of our key takeaways are -
The ban is effective in census metropolitan areas with a total population of at least 100,000, of which 50,000 or more live in the core.
The ban is in effect in a census agglomeration areas with a population of at least 10,000 living in it's core.
The ban only takes effect on residential purchases and vacant lot purchases, that are zoned for residential use.
To find out who the ban applies to, check out https://www.cmhc-schl.gc.ca/ for more information.
Disclaimer: We are not lawyers and cannot provide legal advice. But we can point you in the direction of someone who can!****