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What is Prohibited
The law bars the purchase directly or indirectly of residential buildings with 3 units or less, as well as single family, a semi-detached or a condo unit. The prohibition also applies to vacant land without a “habitable dwelling” zoned for residential or mixed use.
Indirect purchases include purchases made through partnerships, trusts or other entities seeking to avoid the prohibition.
The law bars the purchase directly or indirectly of residential buildings with 3 units or less, as well as single family, a semi-detached or a condo unit. The prohibition also applies to vacant land without a “habitable dwelling” zoned for residential or mixed use.
Indirect purchases include purchases made through partnerships, trusts or other entities seeking to avoid the prohibition.
Penalties for Non-Compliance
Non-Canadians violating the prohibition, or any person or entity that knowingly helps, can be fined up to $10,000.
A Sales Agreement Signed in violation of the law will be valid and be required to close. Subsequently, the government would, by court order, require the property be sold. It can’t sell for more than what was paid as the buyer would not be allowed to profit from the sale.
Non-Canadians violating the prohibition, or any person or entity that knowingly helps, can be fined up to $10,000.
A Sales Agreement Signed in violation of the law will be valid and be required to close. Subsequently, the government would, by court order, require the property be sold. It can’t sell for more than what was paid as the buyer would not be allowed to profit from the sale.
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