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(Aug 30, 2023)

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Amidst the impending wave of condo completions, an initial sense of alarm has gradually given way to a sigh of relief. The focus here is on the cohort of work permit holders in Canada who committed to purchase contracts for presale condos a span of 1-3 years ago—this was before the enforcement of the Prohibition on the Purchase of Residential Property by Non-Canadians Act, also known as The Foreign Buyer Ban.

As the completion dates of many presale condos draw near in Vancouver and Calgary, a sense of trepidation has begun to mount, with many questioning their eligibility to follow through on their property purchases. However, let me assure you—there’s no need for apprehension! The Prohibition on the Purchase of Residential Property by Non-Canadians Act took effect on January 1, 2023. This means that if you are a work permit holder that secured a property purchase prior to this pivotal date, you can proceed with your purchase without a shadow of doubt- even if you are still a work permit holder.

Still unsure about things? Call or text Marko Gelo right now at 604-800-9593, or Click Here to schedule a free, no-obligation phone call with Marko.

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