Guess what is coming January 1, 2023

A new piece of Federal Legislation comes into force on January 1, 2023 called the PROHIBITION ON THE PURCHASE OF RESIDENTIAL PROPERTY BY NON-CANADIANS ACT (the “Act”).

In simple terms the Act prohibits anyone who is not a Canadian Citizen or a Permanent Resident from purchasing residential real estate anywhere in Canada. It also prohibits corporations that are incorporated anywhere other than under the laws of Canada or a Province.

It appears to be an attempt to control the sale of residential real estate in hot markets such as Toronto and Vancouver, however it has a much wider sweep.

Be prepared if you are buying a residential property that you will be required to produce a Canadian passport or permanent resident’s card to both your Realtor and the lawyer handling the purchase for you.

While the Act seems draconian on the surface, we have had the Agricultural and Recreational Land Ownership Act and the Foreign Ownership of Land Regulations in Alberta since 1979, That Act and Regulations prohibit Non-Canadians or Non Permanent Residents from owing land outside of municipalities in Alberta.

The Maritime Provinces have similar legislation that prohibits Non-Canadians and Non-Permanent Residents from owning water front property. We will see if this legislation has the effect that the Federal Government is trying to achieve.

If you need further information, please contact Nan Stevenson at  or (403) 237-0123, ext. 204