On Jan. 1, 2023, the Prohibition on the Purchase of Residential Property by Non-Canadians (Foreign Buyers Ban) comes into effect. This is a temporary ban of two years that prevents non-Canadians from purchasing residential property.

CREA advised members about the implementation of the federal legislation with information on how it will impact Canadian REALTORS® with clients looking to purchase residential properties who are not Canadian Citizens or Permanent Residents.

AREA has been communicating with the Alberta Government and is awaiting the regulations that are to accompany the legislation and will be updating members as new information becomes available.

Read more about the ban on CREA’s website.