{"id":1879,"date":"2022-09-15T18:38:08","date_gmt":"2022-09-15T18:38:08","guid":{"rendered":"https:\/\/mymortgagepros.com\/?p=1879"},"modified":"2024-02-08T05:45:50","modified_gmt":"2024-02-08T05:45:50","slug":"foreign-buyers-real-estate-prohibition","status":"publish","type":"post","link":"https:\/\/mymortgagepros.com\/foreign-buyers-real-estate-prohibition\/","title":{"rendered":"Real Estate Purchase Prohibition!"},"content":{"rendered":"\n<h4><em><strong>Prohibition on the Purchase of Residential Property by Non-Canadians Act<\/strong><\/em><\/h4>\n\n\n\n<p>On June 23, 2022, the federal government passed legislation that will prohibit non-Canadians from acquiring residential real estate in Canada for a two-year period. The legislation to implement the prohibition, the <a href=\"https:\/\/laws-lois.justice.gc.ca\/eng\/acts\/P-25.2\/page-1.html\"><em>Prohibition on the Purchase of Residential Property by Non-Canadians Act<\/em><\/a> (the \u201dAct\u201d) will come into force on January 1, 2023.<\/p>\n\n\n\n<p>The Canada Mortgage and Housing Corporation (\u201cCMHC\u201d) has initiated a consultation seeking feedback on policy elements to include in regulations under the Act, such as potential exceptions to the prohibition and enforcement<em>.<\/em> Mortgage brokers and those who work with foreign buyers may wish to provide feedback and comment on the policy proposal via the <a href=\"https:\/\/www.cmhc-schl.gc.ca\/en\/media-newsroom\/notices\/2022\/thoughts-ban-non-canadians-buying-real-estate\">CMHC website<\/a>. <strong>The consultation closes on September 16, 2022.<\/strong> For mortgage brokers, it is important to remember that they are are expected to adhere to this new legislation as part of your duties and obligation to clients, as with any other federal, provincial, or municipal laws. Any person or entity that knowingly assists a non-Canadian in contravening the prohibition is guilty of an offence and can be liable for a fine of up to $10,000. BCFSA is monitoring this legislation and will provide further information once CMHC has concluded its consultation and the Regulations are finalized.<\/p>\n\n\n\n<p>More information will come by <a href=\"https:\/\/mymortgagepros.com\/news\/\" target=\"_blank\" rel=\"noreferrer noopener\">MortgagePRO Ltd.<\/a> please ask by phone 403-253-2022 or email to <a href=\"mailto:broker@wordpress-1002294-3532233.cloudwaysapps.com\" target=\"_blank\" rel=\"noreferrer noopener\">broker@wordpress-1002294-3532233.cloudwaysapps.com<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Prohibition on the Purchase of Residential Property by Non-Canadians Act On June 23, 2022, the federal government passed legislation that will prohibit non-Canadians from acquiring residential real estate in Canada for a two-year period. The &#8230; <a href=\"https:\/\/mymortgagepros.com\/foreign-buyers-real-estate-prohibition\/\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":3,"featured_media":1785,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[67,5],"tags":[151,148,149,147,150],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Real Estate Purchase Prohibition! - My Mortgage PRO - Calgary<\/title>\n<meta name=\"description\" content=\"New law come into effect on Jan 01 2023 prohibiting non canadians to purchase real estate in Canada, to easy real estate crunch. Good or bad?\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/mymortgagepros.com\/foreign-buyers-real-estate-prohibition\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Real Estate Purchase Prohibition! - My Mortgage PRO - Calgary\" \/>\n<meta property=\"og:description\" content=\"New law come into effect on Jan 01 2023 prohibiting non canadians to purchase real estate in Canada, to easy real estate crunch. Good or bad?\" \/>\n<meta property=\"og:url\" content=\"https:\/\/mymortgagepros.com\/foreign-buyers-real-estate-prohibition\/\" \/>\n<meta property=\"og:site_name\" content=\"My Mortgage PRO - Calgary\" \/>\n<meta property=\"article:published_time\" content=\"2022-09-15T18:38:08+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-02-08T05:45:50+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/mymortgagepros.com\/wp-content\/uploads\/2022\/02\/bigstock-Mortgage-Nest-egg-concept-75463180.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1600\" \/>\n\t<meta property=\"og:image:height\" content=\"1063\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Zoltan Padar\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Zoltan Padar\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/mymortgagepros.com\/foreign-buyers-real-estate-prohibition\/\",\"url\":\"https:\/\/mymortgagepros.com\/foreign-buyers-real-estate-prohibition\/\",\"name\":\"Real Estate Purchase Prohibition! - My Mortgage PRO - Calgary\",\"isPartOf\":{\"@id\":\"https:\/\/mymortgagepros.com\/#website\"},\"datePublished\":\"2022-09-15T18:38:08+00:00\",\"dateModified\":\"2024-02-08T05:45:50+00:00\",\"author\":{\"@id\":\"https:\/\/mymortgagepros.com\/#\/schema\/person\/3d33f004ed81f9102789c46d0a84c07c\"},\"description\":\"New law come into effect on Jan 01 2023 prohibiting non canadians to purchase real estate in Canada, to easy real estate crunch. Good or bad?\",\"breadcrumb\":{\"@id\":\"https:\/\/mymortgagepros.com\/foreign-buyers-real-estate-prohibition\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/mymortgagepros.com\/foreign-buyers-real-estate-prohibition\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/mymortgagepros.com\/foreign-buyers-real-estate-prohibition\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/mymortgagepros.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Real Estate Purchase Prohibition!\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/mymortgagepros.com\/#website\",\"url\":\"https:\/\/mymortgagepros.com\/\",\"name\":\"My Mortgage PRO - Calgary\",\"description\":\"Best Mortgage Broker in Calgary\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/mymortgagepros.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/mymortgagepros.com\/#\/schema\/person\/3d33f004ed81f9102789c46d0a84c07c\",\"name\":\"Zoltan Padar\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/mymortgagepros.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/3123172e3e5953e7ec278c3dd7654966?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/3123172e3e5953e7ec278c3dd7654966?s=96&d=mm&r=g\",\"caption\":\"Zoltan Padar\"},\"url\":\"https:\/\/mymortgagepros.com\/author\/zoltanp\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Real Estate Purchase Prohibition! - My Mortgage PRO - Calgary","description":"New law come into effect on Jan 01 2023 prohibiting non canadians to purchase real estate in Canada, to easy real estate crunch. Good or bad?","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/mymortgagepros.com\/foreign-buyers-real-estate-prohibition\/","og_locale":"en_US","og_type":"article","og_title":"Real Estate Purchase Prohibition! - My Mortgage PRO - Calgary","og_description":"New law come into effect on Jan 01 2023 prohibiting non canadians to purchase real estate in Canada, to easy real estate crunch. Good or bad?","og_url":"https:\/\/mymortgagepros.com\/foreign-buyers-real-estate-prohibition\/","og_site_name":"My Mortgage PRO - Calgary","article_published_time":"2022-09-15T18:38:08+00:00","article_modified_time":"2024-02-08T05:45:50+00:00","og_image":[{"width":1600,"height":1063,"url":"https:\/\/mymortgagepros.com\/wp-content\/uploads\/2022\/02\/bigstock-Mortgage-Nest-egg-concept-75463180.jpg","type":"image\/jpeg"}],"author":"Zoltan Padar","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Zoltan Padar","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/mymortgagepros.com\/foreign-buyers-real-estate-prohibition\/","url":"https:\/\/mymortgagepros.com\/foreign-buyers-real-estate-prohibition\/","name":"Real Estate Purchase Prohibition! - My Mortgage PRO - Calgary","isPartOf":{"@id":"https:\/\/mymortgagepros.com\/#website"},"datePublished":"2022-09-15T18:38:08+00:00","dateModified":"2024-02-08T05:45:50+00:00","author":{"@id":"https:\/\/mymortgagepros.com\/#\/schema\/person\/3d33f004ed81f9102789c46d0a84c07c"},"description":"New law come into effect on Jan 01 2023 prohibiting non canadians to purchase real estate in Canada, to easy real estate crunch. Good or bad?","breadcrumb":{"@id":"https:\/\/mymortgagepros.com\/foreign-buyers-real-estate-prohibition\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/mymortgagepros.com\/foreign-buyers-real-estate-prohibition\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/mymortgagepros.com\/foreign-buyers-real-estate-prohibition\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/mymortgagepros.com\/"},{"@type":"ListItem","position":2,"name":"Real Estate Purchase Prohibition!"}]},{"@type":"WebSite","@id":"https:\/\/mymortgagepros.com\/#website","url":"https:\/\/mymortgagepros.com\/","name":"My Mortgage PRO - Calgary","description":"Best Mortgage Broker in Calgary","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/mymortgagepros.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/mymortgagepros.com\/#\/schema\/person\/3d33f004ed81f9102789c46d0a84c07c","name":"Zoltan Padar","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/mymortgagepros.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/3123172e3e5953e7ec278c3dd7654966?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/3123172e3e5953e7ec278c3dd7654966?s=96&d=mm&r=g","caption":"Zoltan Padar"},"url":"https:\/\/mymortgagepros.com\/author\/zoltanp\/"}]}},"_links":{"self":[{"href":"https:\/\/mymortgagepros.com\/wp-json\/wp\/v2\/posts\/1879"}],"collection":[{"href":"https:\/\/mymortgagepros.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mymortgagepros.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mymortgagepros.com\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/mymortgagepros.com\/wp-json\/wp\/v2\/comments?post=1879"}],"version-history":[{"count":1,"href":"https:\/\/mymortgagepros.com\/wp-json\/wp\/v2\/posts\/1879\/revisions"}],"predecessor-version":[{"id":1880,"href":"https:\/\/mymortgagepros.com\/wp-json\/wp\/v2\/posts\/1879\/revisions\/1880"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mymortgagepros.com\/wp-json\/wp\/v2\/media\/1785"}],"wp:attachment":[{"href":"https:\/\/mymortgagepros.com\/wp-json\/wp\/v2\/media?parent=1879"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mymortgagepros.com\/wp-json\/wp\/v2\/categories?post=1879"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mymortgagepros.com\/wp-json\/wp\/v2\/tags?post=1879"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}