Please note, CREA sent an email last Friday regarding the Prohibition on the Purchase of Residential Property by Non-Canadians Act coming into force on Jan. 1, 2023.

See below as shared by CREA:

As now the government has still not released the supporting regulations for the law. Regulations typically include definitions, exceptions, and enforcement elements to help individuals understand and comply with the law. We had been told we would be receiving a communication this week, but received word there was another delay yesterday.

In the absence of new details, this information published in News2Me in September continues to be accurate.

In October, we formally wrote to the Ministers responsible for the Act and asked for a delay to the coming into force of the legislation. We still have not received a response.

This is totally unacceptable, and the Canadian Real Estate Association (CREA), as well as other affected groups, have made multiple interventions to the government to indicate as much. This week CREA’s CEO, Michael Bourque, made the following statement at the Senate Committee on National Finance.

As soon as any guidance is released, we will notify boards, associations and REALTORS^®. We know this is a very difficult situation for our members and will continue to press for answers and information.