New Consumer Protection Measures
The federal government brought in the Prohibition on the Purchase of Residential Property by Non-Canadians Act effective January 1. This effectively bans non-Canadians from purchasing residential properties in Canada for two years. Any licensee who facilitates a residential real estate transaction in contravention of this legislation could be fined by the federal government and be disciplined by BCFSA. Highlights are on the CMHC website.
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