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Opportunities: Prohibition on Purchases by Non-Canadians (Foreign Buyers Ban) JAN 2023

Updated: Aug 26, 2023

UPDATES!!! Requirements under such regulation have been loosened up. Official sources for validation can be found here:


HIGHTLIGHTS:

"It should consider exempting purchase of established dwellings for redevelopment, providing the redevelopment genuinely increases housing stock, the project is completed within a specified time of the date of approval, and the existing dwelling is not rented out prior to demolition and redevelopment. This would include purchase of vacant land for residential dwelling development, subject to the development being completed and evidence of the project’s completion being submitted within a specified time of the date of approval." - for official white paper for proof please CONTACT US.


Compassionate gestures to assist local Canadian citizens and Canadian permanent residents who may need the help to purchase their first home sweet home indeed. This being said, prosperity always finds its expressions, no matter in what kind of political or economic climate, one way or another. Growing up, the saying that "standing still in one place without going forward is the same as falling behind". This saying cannot be more true after being tested by trials and errors from all the real life experiences from the past few decades.


KEY TAKEAWAY:

So, the key points from this policy:

  • EFFECTIVE JANUARY 2023: connecting this effective date (3 months from the publishing of this article) to December 31, 2022, the policy indicates that any transactions entered into by non-Canadians up until December 31, 2022 will NOT be affected by this policy. Currently, this policy is set to last for 2 years from January 2023.

  • RESIDENTIAL PROPERTIES ONLY: this policy applies to residential properties only; this is to say that all other types of properties such as commercial are NOT affected. (Residential property includes: detached houses or similar buildings of one to three dwelling units, as well as parts of buildings such as semi-detached houses, condominium units, or other similar premises.)

  • NON-CANADIANS: applies to direct or indirect purchases of residential property, including purchases made through corporations, trusts or other legal entities.

For the WHITE PAPER with extensive details of this policy, please CONTACT US for a complete copy to review and examine at your own time and pace.


LUCIE ZEN REAL ESTATE RECOMMENDATIONS:

What does this mean and how could this policy impact us (negatively and/or positively)? Let's apply what we've learned so many times in so many professional upgrades, certifications and education - the SWOT Analysis (Strengths, Weaknesses, Opportunities, Threats). Let's see how we can turn some of the weaknesses into opportunities with this policy!

  • 3 MONTHS: from October 1 2022 to when the policy will become effective on January 1, 2023, there's a 3-month window for non-Canadian citizens/permanent residents to really grab the residential properties as you wish, if not now, you'll have to wait for another 2 years before you can do so with the residential properties! How can we help you? Whether you are currently in Canada or outside of Canada, we can help you. We can help you do an in-person inspection of the properties you are interested in purchasing and complete contract procedures, if you are outside of Canada. If you are able to visit properties in person, you are welcome to send us the property you are interested in writing an offer and contract on, we are happy to help you with completing the transaction! Simply book an appointment with us:

  • COMMERCIAL OPPORTUNITIES: this means you now can focus on operating or investing in commercial properties and/or businesses in Canada, if you are non-Canadian! There are MANY forms of commercial opportunities that are not very often talked about, which are actually gold mines only real estate insiders know about. For some ideas, schedule a meeting with us so we can discuss in depth to see which kind of commercial opportunities is best suited for the ventures you are heading into and how to work with the budget you have.

  • MARKETS OUTSIDE OF CANADA: this goes without saying, and it is only going to be a continuation of what has been happening already - of course, non-Canadians, HELLO!! There are many other markets outside of Canada that are just as hot and attractive! Such as Australia and Asia to name a few. Check out our HAND PICKED SERIES of properties that's outside of Canada. There are many more that's not yet listed on our website, however, we can still most definitely connect you with those ones that are not yet listed, just CONTACT US!


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