Important 2023 new real estate legislation

By: The Battle Real Estate Team

Important 2023 new real estate legislation

Tags: Real Estate Legislation

On January 1st, several new policies impacting buyers, sellers and real estate professionals in Canada were implemented. Here is a breakdown of the new policies, including important details that may affect your business and your clients:
 

Federal policies

Prohibition on the Purchase of Residential Property by Non-Canadians Act (Foreign Buyer Ban)

 

Residential Property Flipping Rule (Anti-flipping Tax)

Also of note, the Office of the Superintendent of Financial Institutions (OSFI) has proposed changes to mortgage lending regulations (B-20: Residential Mortgage Underwriting) and is currently holding public consultation. The deadline to submit feedback is April 14, 2023.

Provincial policies

 

British Columbia: Homebuyer Protection Period (Cooling-off Period)

 

City of Toronto, Ontario: Vacant Home Tax

 

City of Ottawa, Ontario: Vacant Unit Tax

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Every effort has been made to provide information that is current and accurate. Nevertheless, inadvertent errors in information may occur and changes in circumstances after the time of publication may impact on the accuracy of the information. Royal LePage, its affiliates and subsidiaries, directors, employees and agents, including Bridgemarq Real Estate Services, gives no assurance or warranty that the information is current and accurate, is free from errors or omission, and take no responsibility for matters arising from changed circumstances or other information or material which may affect the currency or accuracy of information, and are not liable for the accuracy, currency and reliability of any information.  This disclaimer of liability applies to any damages or injuries, including but not limited to those caused by any failure of performance, error, omission, deletion, defect, whether for breach of contract, tortious behaviour, negligence or any other cause of action.

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