A 1,000 unit apartment planned for downtown Toronto by developer Colonia Treuhand is in limbo because of Canada’s foreign buyer ban
The ban, which is set to last for two years, has already led to the cancellation of hundreds of commercial property deals because the law’s definition of residential property includes land that is zoned for residential or mixed use. As well, the rules specify that no more than 3 per cent of any money going to a residential purchase can come from a foreign source.
Lawyers and brokers say the law has proven to be a stumbling block for many developers trying to arrange tens or hundreds of millions of dollars in financing for new projects. “When the threshold is at 3 per cent, it becomes easy to trip that,” said Andy Gibbons, a partner with law firm Torys LLP who focuses on commercial real estate transactions. “A lot of these developments require land assemblies and that has been caught as well.”
“We will continue to engage with stakeholders as we consider potential additional steps to ensure this measure does not have unintended impacts on communities,” said Claudie Chabot, a spokesperson for CMHC.
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