REGINA - The Saskatchewan Realtors Association has expressed concerns that no supporting regulations are in place yet for the Prohibition on the Purchase of Residential Property by Non-Canadians Act.
That federal legislation comes into force Jan. 1, 2023. SRA is saying in a news release that the regulations are the most important piece of that legislation and will outline how the Act may affect realtors’ day-to-day operations.
“Late last week, we heard from our counterparts at CREA (Canadian Real Estate Association) that we could expect regulations this past week,” said Cole Zawislak, Director of Public Affairs, in a news release on Friday. “Earlier today, we received word from CREA that there was another delay from the federal government. In the absence of new information, we are working with our legal team to draft a clause that our members can use in their purchase of sale contracts beginning on Jan. 1, 2023. Our members can expect a communication from the Association next week once the clause is reviewed and complete.”
Should they receive a copy of the regulations before Jan. 1, “we will likely have to rework the clause, depending on how the regulations are worded.” But if the federal government fails to release the regulations ahead of Jan. 1, “our members can be prepared with the existing clause that will be published next week.
“Again, I would be remiss not to highlight how unprecedented it is to not have draft regulations distributed to stakeholders three weeks before a significant piece of legislation comes into force,” Zawislak stated. “We share your frustrations and will continue to keep members up to date with the limited information we have.”
