Big RE news today, with the feds' decision to introduce 4 amendments to the foreign buyer ban (less than 3 months after it was introduced), including raising the foreign control threshold from 3% to 10%. realestatenews RealEstate
to the foreign buyer ban — officially called the— to expand the exceptions to the regulations, some of which have become an unintended thorn in the sides of developers across the country.
The four amendments to the foreign buyer ban are effective immediately, as of March 27, 2023, and are as follows.While the foreign buyer ban was originally created with individual Canadians and the resale market in mind, a less-discussed aspect of the ban was its effect on the development industry, particularly with the legislation deeming an entity as foreign if non-Canadians owned 3% or more of it.as overly-restrictive, specifically for real estate investment trusts .
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