New Law Seriously Hurts Commercial Real Estate in Canada?
The Prohibition on the Purchase of Residential Property by Non-Canadians Act, which came into effect on January 1, 2023, prohibits foreigners from purchasing residential property in Canada for two years, is intended to prevent foreign buyers from competing for a limited number of properties, but it seriously hurts commercial real estate in Canada.
Real estate and legal experts have said that the law inadvertently covers commercial real estate transactions in land, shopping centers, grocery stores and office buildings, in addition to detached homes. The new definition of “residential property” includes land zoned for residential use or mixed use, and covers large tracts of commercial land across the country. Similarly, if a non-Canadian owns more than 3% of the entity, the entity is considered a foreign entity.
Many commercial real estate investors have suddenly lost their way. Experts estimate that at least a few hundred commercial real estate deals have been put on hold so far, and these incidents are happening every day.
Lobby groups have been talking to the policymakers since, including the Ministries of Finance and Housing, and the Canada Mortgage and Housing Corporation (CMHC). Policymakers do not appear to have any intention of passing the new policy to restrict commercial real estate transactions and development.
CMHC spokesman Leonard Catling said, “We will continue to engage with stakeholders and we may consider additional measures to ensure that the new policy does not have an impact on community real estate businesses.”
【禁止海外買房令 誤傷加國商業地產?】 2023年1月1日生效的新政，兩年內禁止外國人購買加拿大的住宅地産，本意是阻止外國買家競爭有限房源，但卻嚴重誤傷加拿大的商業房地産。
房地産行業和法律專家紛紛表示，該法律無意中涉及除獨立屋外的土地、購物中心、雜貨店和辦公樓的商業地産交易。因為新政對“住宅物業”的定義包括規劃作住宅用途或混合用途的土地，涵蓋全國大片商業用地。同樣，如果非加拿大人擁有該實體股份超過3%，則該實體也被視為外國實體。
很多商業地産參與者突然之間迷失了方向。 專家估計，到目前為止，至少已有數百筆商業房地産交易因此被擱置, 而這些交易失敗每天都正在發生。
遊說團體一直在與幫助制定法律的政策制定者交談，包括財政部和住房部，以及加拿大抵押貸款和住房公司 (CMHC)。政策制定者似乎其實也無意通過新政來限制商業房地産交易和開發。
聯邦政府表示正在密切關注該法律的實施和影響。CMHC 發言人 Leonard Catling 表示：“我們將繼續與利益相關者接觸，我們可能考慮采取額外措施，以確保新政不會對社區産生意外影響。”
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