Ottawa has seriously bungled its property ownership measures and major backtracking may be necessary, writes Terence Corcoran. Read on.
Offenders of the laws and regulations, which aim to stop foreign investors from buying and holding residential properties or certain forms of real estate in the most populated regions of the country, face fines.Article contentregulations associated with the foreign-purchaser legislation, he said the act “prohibits foreign commercial enterprises and people who are not Canadian citizens or permanent residents from acquiring non-recreational, residential property in Canada.
Finance Minister Chrystia Freeland’s press secretary as saying, “The government will continue to monitor the impact of this measure.”Article content Last week, Kevin Lee, CEO of the Canadian Home Builders’ Association, warned Ottawa that the foreign buyer ban threatens vital investment in housing. Under the regulations, a company that has as little as three per cent foreign ownership could be impacted when buying vacant land for residential development or purchasing properties with fewer than four units.
So what went wrong in the Trudeau cabinet and the federal bureaucracy? One source told me off the record that the whole foreign buyer ban has been a botched job across the board, including the Canada Mortgage and Housing Corporation.
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