b'GOVERNMENT RELATIONSAN UNWELCOME ACTBy Kelly ParkerA new law restricting foreign home ownership stands tonegatively impact relocations and Canadas drawing poweras a target destinationI n April of 2022, Deputy PrimeThe act is intended to prohibit non- process, and corporations that are wholly Minister and Minister of FinanceCanadian owned corporations fromowned subsidiaries or branch operations Chrystia Freeland announced herpurchasing residential property, andof foreign entities not listed on a Canadian governments plan to address theapplies to corporations incorporated instock exchange will also be prohibited Canadian housing crisis via theCanada where the corporation is privatelyfrom purchasing residential properties in Prohibition on the Purchase of Residentialheld (i.e., not listed on a stock exchange Canada as part of a relocation process. Property by Non-Canadians Act, whichin Canada) and controlled bycame into effect January 1, 2023. Asa non-Canadian.Michael Bourque, CEO of the Canadian CERC president and CEO StephenThe prohibition has significant conse- Real Estate Association (CREA), told the Cryne told a panel convened to discussquences for the relocation industry inpanel that the consensus of the global the act, It makes good politics, butthat relocation management companiesmedia is that Canadas moveresulting the repercussions on the relocation(RMCs) will be prohibited fromfrom a political promise made by all three industry and foreign nationals are purchasing residential properties inparties during the last electionis entirely very damaging. Canada as part of the normal relocationout of character. 20PERSPECTIVES Spring 2023'