NEWSREAL MAY 2023 NEWSLETTER
For a period of two years starting January 1, 2023, non-Canadians are banned from purchasing homes in
Canada under the definition of “residential property.” Although further technical interpretations of the
regulations are still pending, here is the current understanding of the regulations.
REALTORS®, along with lawyers and notaries, have an obligation to inform their clients. The legislation does
not rely on REALTORS® to enforce the prohibition. However, REALTORS® who knowingly assist a non-Canadian
in contravening the prohibition can be found guilty of an offence and liable on summary conviction to a fine of
up to $10,000.
Importantly, REALTORS® do not have any information collection, processing or reporting requirements.
REALTORS® should still engage in due diligence as a measure of risk mitigation. To support REALTORS® with
their due diligence, the Canadian Real Estate Association (CREA) has developed a certificate:
Certification and Consent of Purchaser.
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.