{"id":1911,"date":"2023-01-07T14:11:17","date_gmt":"2023-01-07T14:11:17","guid":{"rendered":"https:\/\/mymortgagepros.com\/?p=1911"},"modified":"2024-02-08T05:45:48","modified_gmt":"2024-02-08T05:45:48","slug":"is-banning-foreign-buyers-off-the-canadian-real-estate-market-is-good-or-bad","status":"publish","type":"post","link":"https:\/\/mymortgagepros.com\/is-banning-foreign-buyers-off-the-canadian-real-estate-market-is-good-or-bad\/","title":{"rendered":"Ban on foreign buyers not a bullseye!"},"content":{"rendered":"\n
Before the finalization of the regulations, CAPL urged the government to reconsider the definition of “acquire” so that mortgage lending entities with 3% or more foreign ownership, which gain possession, control, or right of the property through the enforcement of their mortgage security when borrowers default, are not captured by the prohibition. The good news is that we were successful on this front, and the final regulations were modified so that acquiring property through the enforcement of security is not considered to be “acquiring property”: the Federal Government advised that “Regulations contain a streamlined definition of “purchase” and its associated exceptions, including to avoid disruption to the established rights of creditors and the provision of housing finance.”<\/p>\n\n\n\n