Implications of the Prohibition on the Purchase of Residential Property by Non-Canadians Act in Clarington

The Prohibition on the Purchase of Residential Property by Non-Canadians Act, S.C. 2022, c. 10, s. 235, came into effect on January 1, 2023. This legislation prohibits non-Canadians from purchasing, directly or indirectly, any residential property as defined in the Act. Violations of this law may result in fines and orders for offending purchasers to sell the residential property. The municipality of Clarington does not assume responsibility for ensuring compliance with this Act among bidders or tenderers. It is the responsibility of prospective bidders to ensure they comply with the Act and seek legal advice if necessary. Additionally, properties containing one to six single-family residences transferred to non-residents or foreign entities are subject to the Non-Resident Speculation Tax (NRST) imposed by the Province. This Act impacts property transactions in Clarington, particularly in the context of public tenders for land sales.