Real Estate News

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*Aruba*, Bonaire and Curaçao part of UN plan for ferry network Caribbean <www.google.com/url?rct=j&sa=t&url=https://www.curacaochronicle.com/post/local/aruba-bonaire-and-curacao-part-of-un-plan-for-ferry-network-caribbean/&ct=ga&cd=CAEYACoUMTgxMDE4MDc3NDgzNjMzMDY0MTcyGTY…> The Curacao Chronicle Four routes are included, including one route that includes *Aruba*, Bonaire and Curaçao. Another route must connect Suriname and Guyana via a ferry …

Environmental Assessments approved for new development on *Oshawa’s* First Avenue <www.google.com/url?rct=j&sa=t&url=https://www.insauga.com/environmental-assessments-approved-for-new-development-on-oshawas-first-avenue/&ct=ga&cd=CAEYACoTNzY5NTk1OTAyNDE3OTA1OTc0NTIZZWQxYzlhOTAzMz…> inSauga.com In the case of a major development planned for *Oshawa’s* long-suffering First Avenue neighbourhood, landowners First *Oshawa* Holdings know that …

The Prohibition on the Purchase of Residential Property by Non-Canadians Act (the “Act”) has come into effect as of January 1, 2023 by the Federal Government.
The Act prevents non-Canadian individuals and non-Canadian corporations from purchasing residential property in Canada for two years. The Act can be found here <r20.rs6.net/tn.jsp?f=001GLn_yZGJj2JAihfB-n8xxzE5JQW31pf332lAyqIssolGMQaanNVUcKuhbm7s4Fq4-z2r3w19HbYyVTXrtopIsJCxJa4MxPMsINmJmf-hpmigbBMWz0iUh2UQ069qktW4UKiaSGEyQqfpx4iI-I0kWhWUa0aFwFBsT4fdoD0WXCTGR…> .
Definitions:
– Non-Canadian: An individual who is not a Canadian citizen, permanent resident, or a person registered as an Indian under the Indian Act. This also includes corporations that are not incorporated under the laws of Canada or a province within Canada.

– Residential property: A detached house, semi-detached house, rowhouse unit, townhouses, or a residential condominium unit located within the census metropolitan area (having 100,000 with 50,000 people living in the core) or a census agglomeration (having 10,000 people). Further information can be found on Statistics Canada Map <r20.rs6.net/tn.jsp?f=001GLn_yZGJj2JAihfB-n8xxzE5JQW31pf332lAyqIssolGMQaanNVUcKuhbm7s4Fq4Ga_n6rDVoF6wGP2lo-vkG4W5bPYuFC_ZH6orPrsCgI4HBu-3iVJKvvxlDHX6c3UuG-7n6Kb-m96PYAN8fLk4Y4P7PBH0pXalkZpwiug50_05Y…>. This Act specifically refers to residential properties. Recreational properties are not included.
Exemptions: Although the legislation primarily targets non-Canadians, there are some exceptions: 1. Temporary residents such as students and workers, foreign workers; 2. Refugees; 3. Individuals purchasing a residential property with an eligible spouse or common-law partner are exempt from the Act.

Federal *law* prohibiting non-Canadians from purchasing residential *real estate* comes into … <www.google.com/url?rct=j&sa=t&url=https://www.lexology.com/library/detail.aspx%3Fg%3D58325bef-9ac0-4bcd-a493-5ad27b04c6d6&ct=ga&cd=CAEYACoUMTYxNzY2NDM2MDEwNzQ4OTA4NTcyGjRhMzAwNjE3NjNhMGYwNmQ6Y29tOm…> Lexology Non-residential *property* that has residential uses/dwelling units would fall under the prohibition, particularly in *Ontario* where the Planning Act …

<www.google.com/url?rct=j&sa=t&url=https://www.cbc.ca/news/canada/toronto/ontario-homebuyers-struggle-close-1.6685427&ct=ga&cd=CAEYACoTOTE4NzQzNzU4OTUwOTI3NDc3OTIaNGEzMDA2MTc2M2EwZjA2ZDpjb206ZW46VVM…> They purchased homes right before the *real estate* downturn. Now, they’re struggling to close – CBC <www.google.com/url?rct=j&sa=t&url=https://www.cbc.ca/news/canada/toronto/ontario-homebuyers-struggle-close-1.6685427&ct=ga&cd=CAEYACoTOTE4NzQzNzU4OTUwOTI3NDc3OTIaNGEzMDA2MTc2M2EwZjA2ZDpjb206ZW46VVM…> CBC A group of *Ontario* residents who purchased pre-construction homes in Brampton at the peak of the recent *real estate* frenzy say they’re now …