NAIOP Non-Canadian Purchase Act Letter to Deputy Prime Minister and Minister of Finance The Honourable Chrystia Freeland

The Prohibition on the Purchase of Residential Property by Non-Canadians Act has had an unintended but detrimental impact on commercial and residential real estate investment and development.

While the stated goal of Parliament was to improve Canadians’ opportunities for home ownership by temporarily prohibiting residential purchases by non-Canadian individuals, the regulations have created uncertainty for commercial real estate entities that are, or could be, partially held by foreign or non-Canadian interests (up to 3% ownership). These entities have effectively been halted from investing in current and future residential and mixed-use projects in our metro areas which will ultimately reduce supply and drive up the cost of housing – achieving the very opposite of the Act’s stated purpose.

The Canadian chapters of NAIOP have collaborated on an open letter to the Honourable Chrystia Freeland urging the federal government to consider amendments to the existing Act that are more in line with its intended objective. We encourage others to do the same.

See the letter sent on March 9th below:

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