{"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

\"\"<\/figure><\/div>\n\n\n\n

Not all Property is Captured<\/strong><\/h2>\n\n\n\n

(a) population and classification of property –<\/strong> there is a complex definition of property captured in the ban, which relies on the Census Canada definitions of Census metropolitan (over 100,000 in population with 50,000 in a core) and Census agglomeration areas (over 10,000 in people). However, it is necessary to consult a map or list to determine how a particular area is classified, as some communities which exceed those population levels are not classified under these definitions. You can view a listing and map of Canada with classifications at this link https:\/\/www12.statcan.gc.ca\/census-recensement\/2021\/geo\/maps-cartes\/referencemaps-cartesdereference\/sgc-cgt\/map-eng.cfm?SGC=01_C<\/a> Note on the map, all green areas are not subject to the ban, while orange areas are.<\/p>\n\n\n\n

(b) mixed-use or residential property – <\/strong>commercial property and rental buildings with more than 3 units are excluded from the prohibition. Residential property, including mixed-use and undeveloped mixed-use or residential property, is subject to the ban.<\/p>\n\n\n\n

What is a foreign corporation? <\/strong><\/h2>\n\n\n\n

Canadian corporations with 3% or more control or ownership by foreign individuals are considered foreign and subject to the ban.<\/p>\n\n\n\n

Who is subject to the ban? <\/strong><\/h2>\n\n\n\n

Temporary foreign residents, including workers and students, are exempt from the ban as they satisfy some rather onerous criteria.\u00a0<\/p>\n\n\n\n

Need to know more, please call 403-253-2022 or email hello@myprivatelender.com<\/strong><\/a> we might have useful advice on this topic <\/p>\n","protected":false},"excerpt":{"rendered":"

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 … Read More<\/a><\/p>\n","protected":false},"author":3,"featured_media":1896,"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":[1],"tags":[167,149,166,168],"yoast_head":"\nBan on foreign buyers not a bullseye! - My Mortgage PRO - Calgary<\/title>\n<meta name=\"description\" content=\"Banning forregn buyers to purchase private personal properties might be deterrent for some, but too many loopholes in the law can go around\" \/>\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\/is-banning-foreign-buyers-off-the-canadian-real-estate-market-is-good-or-bad\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Foreign buyers ban is a joke.\" \/>\n<meta property=\"og:description\" content=\"Many buyers will where it is allowed. Nothing changed, only some locations are not available for foregn home buyers.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/mymortgagepros.com\/is-banning-foreign-buyers-off-the-canadian-real-estate-market-is-good-or-bad\/\" \/>\n<meta property=\"og:site_name\" content=\"My Mortgage PRO - Calgary\" \/>\n<meta property=\"article:published_time\" content=\"2023-01-07T14:11:17+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-02-08T05:45:48+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/mymortgagepros.com\/wp-content\/uploads\/2022\/11\/bundle-mortgage-2.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"330\" \/>\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:title\" content=\"Foreign buyers ban is a joke.\" \/>\n<meta name=\"twitter:description\" content=\"Many buyers will where it is allowed. Nothing changed, only some locations are not available for foregn home buyers.\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/mymortgagepros.com\/wp-content\/uploads\/2022\/11\/bundle-mortgage-2.jpg\" \/>\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=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/mymortgagepros.com\/is-banning-foreign-buyers-off-the-canadian-real-estate-market-is-good-or-bad\/\",\"url\":\"https:\/\/mymortgagepros.com\/is-banning-foreign-buyers-off-the-canadian-real-estate-market-is-good-or-bad\/\",\"name\":\"Ban on foreign buyers not a bullseye! - My Mortgage PRO - Calgary\",\"isPartOf\":{\"@id\":\"https:\/\/mymortgagepros.com\/#website\"},\"datePublished\":\"2023-01-07T14:11:17+00:00\",\"dateModified\":\"2024-02-08T05:45:48+00:00\",\"author\":{\"@id\":\"https:\/\/mymortgagepros.com\/#\/schema\/person\/3d33f004ed81f9102789c46d0a84c07c\"},\"description\":\"Banning forregn buyers to purchase private personal properties might be deterrent for some, but too many loopholes in the law can go around\",\"breadcrumb\":{\"@id\":\"https:\/\/mymortgagepros.com\/is-banning-foreign-buyers-off-the-canadian-real-estate-market-is-good-or-bad\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/mymortgagepros.com\/is-banning-foreign-buyers-off-the-canadian-real-estate-market-is-good-or-bad\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/mymortgagepros.com\/is-banning-foreign-buyers-off-the-canadian-real-estate-market-is-good-or-bad\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/mymortgagepros.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Ban on foreign buyers not a bullseye!\"}]},{\"@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":"Ban on foreign buyers not a bullseye! - My Mortgage PRO - Calgary","description":"Banning forregn buyers to purchase private personal properties might be deterrent for some, but too many loopholes in the law can go around","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\/is-banning-foreign-buyers-off-the-canadian-real-estate-market-is-good-or-bad\/","og_locale":"en_US","og_type":"article","og_title":"Foreign buyers ban is a joke.","og_description":"Many buyers will where it is allowed. Nothing changed, only some locations are not available for foregn home buyers.","og_url":"https:\/\/mymortgagepros.com\/is-banning-foreign-buyers-off-the-canadian-real-estate-market-is-good-or-bad\/","og_site_name":"My Mortgage PRO - Calgary","article_published_time":"2023-01-07T14:11:17+00:00","article_modified_time":"2024-02-08T05:45:48+00:00","og_image":[{"width":1200,"height":330,"url":"https:\/\/mymortgagepros.com\/wp-content\/uploads\/2022\/11\/bundle-mortgage-2.jpg","type":"image\/jpeg"}],"author":"Zoltan Padar","twitter_card":"summary_large_image","twitter_title":"Foreign buyers ban is a joke.","twitter_description":"Many buyers will where it is allowed. Nothing changed, only some locations are not available for foregn home buyers.","twitter_image":"https:\/\/mymortgagepros.com\/wp-content\/uploads\/2022\/11\/bundle-mortgage-2.jpg","twitter_misc":{"Written by":"Zoltan Padar","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/mymortgagepros.com\/is-banning-foreign-buyers-off-the-canadian-real-estate-market-is-good-or-bad\/","url":"https:\/\/mymortgagepros.com\/is-banning-foreign-buyers-off-the-canadian-real-estate-market-is-good-or-bad\/","name":"Ban on foreign buyers not a bullseye! - My Mortgage PRO - Calgary","isPartOf":{"@id":"https:\/\/mymortgagepros.com\/#website"},"datePublished":"2023-01-07T14:11:17+00:00","dateModified":"2024-02-08T05:45:48+00:00","author":{"@id":"https:\/\/mymortgagepros.com\/#\/schema\/person\/3d33f004ed81f9102789c46d0a84c07c"},"description":"Banning forregn buyers to purchase private personal properties might be deterrent for some, but too many loopholes in the law can go around","breadcrumb":{"@id":"https:\/\/mymortgagepros.com\/is-banning-foreign-buyers-off-the-canadian-real-estate-market-is-good-or-bad\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/mymortgagepros.com\/is-banning-foreign-buyers-off-the-canadian-real-estate-market-is-good-or-bad\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/mymortgagepros.com\/is-banning-foreign-buyers-off-the-canadian-real-estate-market-is-good-or-bad\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/mymortgagepros.com\/"},{"@type":"ListItem","position":2,"name":"Ban on foreign buyers not a bullseye!"}]},{"@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\/1911"}],"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=1911"}],"version-history":[{"count":1,"href":"https:\/\/mymortgagepros.com\/wp-json\/wp\/v2\/posts\/1911\/revisions"}],"predecessor-version":[{"id":1912,"href":"https:\/\/mymortgagepros.com\/wp-json\/wp\/v2\/posts\/1911\/revisions\/1912"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mymortgagepros.com\/wp-json\/wp\/v2\/media\/1896"}],"wp:attachment":[{"href":"https:\/\/mymortgagepros.com\/wp-json\/wp\/v2\/media?parent=1911"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mymortgagepros.com\/wp-json\/wp\/v2\/categories?post=1911"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mymortgagepros.com\/wp-json\/wp\/v2\/tags?post=1911"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}