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

Marginal note:Purchase

• 4 (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.