As of January 1st, 2023, the new Act prohibiting non-Canadians from buying residential real estate came into effect. The Act is supposed to be active for 2 years, but future amendments may extend that or make it permanent. All home buyers who are not Canadian citizens, Permanent Residents or are registered under the Indian Act, should be aware of this act and how it can limit or prohibit their future residential real estate purchases. Although Alberta does not have the same number of foreign investors as compared to Ontario or British Columbia, this act is nation wide and will effect new to Canada buyers looking to purchase a home.
How does this directly effect the real estate industry? First of all Realtors are not immigration specialists and we can only rely on information provided by our buyers. There are exceptions to the new Act and if you are not one of the three definitions above, we advise that you consult with a lawyer to see if you are able to purchase real estate. CREA our national body has provided us with a form which we will expect our buyers to sign to confirm their current status and we also have a explanation pamphlet which you can download below.
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