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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