The federal government is extending its ban on foreign home purchasing in Canada, Finance Minister Chrystia Freeland announced in a release Sunday.
The rule, which was first introduced in 2022, will now be extended until the beginning of 2027. It bans foreign nationals and commercial enterprises from buying residential property in Canada, with exceptions for some international students, refugee claimants and temporary workers.
I dont think this is enforceable under the current rules.
My landlord is an anonymous person living in China. For all I know they could be some large corporation. I only have a point of contact as a local Chinese owned real-estate company. They gave me the contact info to somone out in BC who they said was the owner.
I had to call with the person in BC when i moved in. that person who is on the lease as the owner, mentioned they where not the owner but the daughter of somone living in China who was the actual owner.
After a Google search they person I had spoken with turns out to be a “wealth and property manager” who apprently handles properties for investors. I suspect they are “the daughter” of a lot of clients looking to own property here.
So with foreign investors owning land via proxies who are themselves working through proxies. How do we even know who owns what anymore?
We need the standard leases to be mandatory and somthing that cannot be modified without exemption provided by a stronger landlord Tennant board.
I wonder if we could then make it so all leases needed to be registered with the board. Eatch requiring a lease recording fee wich could be used to fund the LTB. This whould also give them some power. If a landlord has a bad history, or is not providing proof of ownership they could just deny leasing agreements making landlords unable to rent out properties.