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Prohibition on the Purchase of Residential Property by Non-Canadians Regulations

Version of section 4 from 2023-03-27 to 2024-05-28:

Marginal note:Purchase

  •  (1) For the purposes of the Act, the acquisition, with or without conditions, of a legal or equitable interest or a real right in a residential property constitutes a purchase.

  • Marginal note:Exceptions

    (2) However, a purchase referred to in subsection (1) does not include

    • (a) the acquisition by an individual of an interest or a real right resulting from death, divorce, separation or a gift;

    • (b) the rental of a dwelling unit to a tenant for the purpose of its occupation by the tenant;

    • (c) the transfer under the terms of a trust that was created prior to the coming into force of the Act;

    • (d) the transfer resulting from the exercise of a security interest or secured right by a secured creditor; or

    • (e) the acquisition by a non-Canadian of residential property for the purposes of development.

  • SOR/2023-66, s. 4

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