It’s sad, but this law really has no effectiveness. From my reading of it, the law still doesn’t do anything about preventing non-essential demand in the marketplace, as all the exemptions to who constitutes a non-Canadian still allows for defined non-Canadians to use proxies to purchase property for them (and also under law, there is nothing preventing a defined non-Canadian from owning residential property if it’s given to them as a ‘gift’ – i.e. just use temporary proxies). This of course allows unlimited foreign capital to be plowed into the market, both legit and illegitimate.

More importantly, there is no monitoring mechanism or mandatory reporting
required — there still is no way of knowing who owns what. So how will the
government ever be able to understand the effectiveness or impact of the law?
And that includes industry professionals — the law does not impose information collection, processing or reporting requirements for lawyers, notaries, real estate agents or other professionals. Given all the money to be made, and no chance of getting caught, good luck in seeing any voluntary compliance.

Seems like Canada is truly dedicated to keeping the circus going.

TOTALLY AGREE