Global Laird II

In relation to “Global Laird”, wondering if there would be a greater social benefit in Canada to provinces restricting property ownership to Canadian citizens, ordinarily resident in Canada, or to Canadian-controlled corporations, the head offices of which are located in Canada. Specific reference to citizenship as referenced to both Canadian corporate control and therefore equally applicable to individual ownership. Existing foreign-owned properties would be subject to one year to sell to Canadians, or be subject to a provincial divestiture order, compelling the property sale to Canadians.

In a survey of foreign property ownership restrictions in selected countries, only Thailand, Australia and the Czech Republic appear to have national degrees of restriction on foreign ownership of property. Canada is described as follows:

There are few restrictions on foreign ownership of property in Canada, apart from land belonging to the British crown. Some of this land may come up for sale, but will not be freehold. The restrictions tend to be at provincial or territorial level; on Prince Edward Island, for instance, non-residents need permission to buy more than 5 acres of property, and, in Saskatchewan, the acquisition of property of over 10 acres is not permitted. Nova Scotia, Newfoundland, and New Brunswick, the other east coast provinces, as well as the provinces of Quebec, Ontario, and British Columbia do not have restrictions on foreign ownership.

Where one is not speaking of five or ten acres in a municipality…

The essence of a country, be it real estate or natural resources, should not be treated as a “foreign investment opportunity”.

Dare one say.

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About brucelarochelle

http://www.lmslawyers.com/bruce-la-rochelle
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One Response to Global Laird II

  1. When the state can decree to whom a property owner can sell his/her property, then where have property rights gone? I am supposed to skimp and save all my life to pay off my mortgage, and just when I can sell and make a good profit to carry me through my retirement, the state comes along to tell me that I cannot sell to foreigners, even though they are offering a much better price than I would get if foreigners were banned from the market.

    I truthfully find the idea of banning foreigners from purchasing property in Canada offensive. Many Canadians, including myself, were once foreigners. Lucky we weren’t banned!

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