Effective as of January 1, 2023, the Prohibition on the Purchase of Residential Property by Non-Canadians Act (the “Act”) prevents non-Canadians from buying residential property in Canada for 2 years.

Two-year extension to the Prohibition on the Purchase of Residential Property by Non-Canadians Act

On February 4, 2024, the Government of Canada announced its intention to extend the existing ban on foreign ownership of Canadian housing for an additional two years, to January 1, 2027.  For more information, please refer to the news release issued by the Department of Finance Canada. Due to the extension of the legislation by two years, the government continues to welcome feedback from stakeholders to address issues that may arise from the extension.

residential property means any real property or immovable, other than a prescribed real property or immovable, that is situated in Canada and that is

• (a) a detached house or similar building, containing not more than three dwelling units, together with that proportion of the appurtenances to the building and the land subjacent or immediately contiguous to the building that is reasonably necessary for its use and enjoyment as a place of residence for individuals;

• (b) a part of a building that is a semi-detached house, rowhouse unit, residential condominium unit or other similar premises that is, or is intended to be, a separate parcel or other division of real property or immovable owned, or intended to be owned, apart from any other unit in the building, together with that proportion of any common areas and other appurtenances to the building and the land subjacent or immediately contiguous to the building that is attributable to the house, unit or premises and that is reasonably necessary for its use and enjoyment as a place of residence for individuals; or

• (c) any prescribed real property or immovable. (immeuble résidentiel)

• Exception — persons

  (2) Subsection (1) does not apply to

  • (a) a temporary resident within the meaning of the Immigration and Refugee Protection Act who satisfies prescribed conditions;

  • (b) a protected person within the meaning of subsection 95(2) of that Act;

  • (c) an individual who is a non-Canadian and who purchases residential property in Canada with their spouse or common-law partner if the spouse or common law-partner is a Canadian citizen, person registered as an Indian under the Indian Act, permanent resident or person referred to in paragraph (a) or (b); or

  • (d) a person of a prescribed class of persons.

• Marginal note:Exception — circumstances

  (3) Subsection (1) does not apply in prescribed circumstances.

For more information, please read the link here.

Welcome to the Mosaic Motif in New Brighton, one of the most desirable Family communities. This stylish townhouse, with a DOUBLE ATTACHED GARAGE, a DOUBLE MASTER floor plan both with DOUBLE ENSUITES, conveniently locates near to shopping, restaurants ,schools, parks and many other amenities. Immaculately maintained with features throughout, you are greeted by a spacious front court yard surrounded by greenery and a white picket fence, making it the perfect private retreat for summer bbq’s or just relax and enjoy a late night fire. Beautiful floors stretching throughout the main level adds warmth and luxurious feeling to the space. The well thought out open floor plan features a spacious living room and dining room. The kitchen has backsplash, breakfast bar, and a computer desk along with a conveniently located 1/2 washroom completes this main level. The upper level showcases a DOUBLE MASTER floor plan, both with DOUBLE ENSUITES, WALK IN CLOSETS. The lower level completes this perfect home with access to the double attached garage, a boot/ storage room and laundry area. Close proximity to elementary and junior high schools and a 5 minute drive to all the amenities 130 Avenue has to offer.

 In February 2023, Auburn Bay in SE Calgary demonstrated a vibrant real estate market, characterized by steady activity across various property types. The community's appeal, with its lake and recreational facilities, continues to attract a diverse range of buyers. Total 34 sales.

Property Types:

1. Detached Homes

   • Price range: $449,000 - $865,000

   • Sales: 11 homes sold

   • Days on Market (DOM): 18 days

2. Duplex Homes

   • Price range: $435,000 - $533,000

   • Sales: 7 homes sold

   • Days on Market (DOM): 8 days

3. Townhouses

   • Price range: $192,000 - $406,500

   • Sales: 5 townhouses sold

   • DOM: 12 days

4. Condos

   • Price range: $229,000 - $394,900

   • Number of Listings: 22

   • Sales: 11 condos sold

   • DOM: 30 days

Market Trends:

• Demand: The market exhibited strong demand, particularly for single-family homes, which are in high demand among families seeking community-oriented living.

• Inventory Levels: The inventory of homes for sale was relatively stable, though the demand outpaced new listings, leading to quicker sales.

• Buyer Profiles: The primary buyers included first-time homebuyers and young families attracted by the community's amenities and lifestyle offerings.

Conclusion: February 2023 revealed a healthy real estate market in Auburn Bay SE Calgary, with competitive sales and a variety of property options. The community's desirability continues to drive interest, making it a favorable time for sellers. For potential buyers, quick action is recommended due to the active market conditions.