The Federal Government has now published regulations under the Prohibition on the Purchase of Residential Property by Non-Canadians Act, following a lengthy post-consultation period. The proposed regulations would have prohibited lending entities with 3% or more foreign shareholders from acquiring real estate through the enforcement of their mortgage security.

CAPL urged the government to reconsider this element of the definition of “acquire” by ensuring that mortgage lending entities which gain possession and/or ownership of property through the enforcement of their mortgage security when borrowers default are not captured by the prohibition. CAPL was successful in achieving this modification to the prohibition: the Federal Government advises that: “Regulations contain a streamlined definition of “purchase” and its associated exceptions, including to avoid disruption to the established rights of creditors and the provision of housing finance.”

CAPL anticipates that the government will publish a streamlined plain language guide to the prohibition, including questions and answers which will assist industry members. The prohibition comes into effect on January 1, 2023.

The post Federal Government releases regulations for foreign buyers’ ban first appeared on Canadian Association of Private Lenders.

New implementation date of BC’s property rescission period

The post New implementation date of BC’s property rescission period first appeared on Canadian Association of Private Lenders.

DOWNLOAD REPORT >>

The post FSRA report on innovation and technology in the Ontario mortgage services sector first appeared on Canadian Association of Private Lenders.

Home Buyer Rescission Period Consumer Guide

The post BC – property purchase cooling off period details first appeared on Canadian Association of Private Lenders.

Consumer Protection and Business Practices Act Amendments Designed to Protect High-Cost Credit Borrowers

The post New High Cost Credit Licensing in Newfoundland first appeared on Canadian Association of Private Lenders.

Read their letter here

The post Lawyers call for government to revisit foreign buyers’ ban first appeared on Canadian Association of Private Lenders.

This article from Gowling calls for increased vigilance from the private lending sector to combat increased threats of mortgage fraud.

Protecting against private lender mortgage fraud

The post Mortgage fraud in private lending predicted to increase first appeared on Canadian Association of Private Lenders.

“Crypto-Mortgage”- Do the Benefits Outweigh the Risks?

The post US sees the emergence of “crypto mortgages” – could they come to Canada? first appeared on Canadian Association of Private Lenders.

Read the government press release here https://news.gov.bc.ca/releases/2022FIN0026-001134

The post BC – property purchase cooling off period details first appeared on Canadian Association of Private Lenders.

US develops framework to regulate digital assets with International regulatory bodies -the framework’s policy objectives also include reducing the potential use of crypto for illicit finance, promoting access to financial services, supporting technological advancement.  

Read more here https://home.treasury.gov/news/press-releases/jy0854

The post US develops framework for regulation of crypto with international bodies first appeared on Canadian Association of Private Lenders.