Assignment Sale WestPort in Port Credit

Discover the ideal perfect fit within the confines of this exclusive residence, seamlessly blending privacy and community living. Secure your purchase by the end of March to ensure a summer move-in for a one-bedroom unit featuring a private balcony. The building boasts a sophisticated rooftop terrace, perfect for indulging in al fresco dining, barbecues, cabanas, and even fire pits. Elevate your lifestyle with the convenience of a stateof-the-art fitness center, and experience the warmth of a 24/7 concierge in the elegantly designed lobby. Access everything easily in Port Credit from The GO, the restaurants, shops and the waterfront. Reach out NOW and embrace this immediate opportunity.

On January 1, 2023, a temporary two-year measure related to foreign buyers came into effect, which bans certain non-Canadians from purchasing residential property in Canada (with some exceptions). The Prohibition on the Purchase Property by Non-Canadians Act (also commonly referred to as the foreign buyer ban) restricts certain foreign buyers from acquiring residential property until January 1, 2025 in large and small urban centres around the country. While this legislation may limit the direct or indirect purchase of residential property in Canada, there are still opportunities for international buyers who aspire to own property in Canada.

Purchase: The regulations broadly define the term purchase to include the direct or indirect acquisition of a right or interest in Residential Property. However, certain acquisitions resulting from transitional or life events such as death, divorce, separation, or a gift, are excluded.

Individual Exceptions: Many exceptions to the prohibition are permitted for international students, temporary residents, foreign nationals, and refugee claimants, subject to varying conditions, such as tax filing and residency obligations. The ban does not apply to renters or to foreigners with a Canadian spouse. For further details, please consult the regulations and/or ensure the buyer who may fall into one of these exception groups seeks legal advice on their eligibility.

Residential Properties Included and Excluded: Properties located outside of a Census Agglomeration (CA) or Census Metropolitan Area (CMA) are excluded from the ban. To identify if a property is in a CA or CMA, the Canadian Mortgage and Housing Cooperation (CMHC) has developed an online tool.

1. Commercial Properties - Non-Canadians can purchase properties, including office towers and grocery stores without dwelling units.

2. Vacant Land: Acquiring vacant not restricted, providing opportunities for investment in underdeveloped areas.

3. Recreatonal Properties: Non-Canadians are allowed to purchase recreation properties located outside of a CA or CMA.

4. Multi-Unit Buildings: Properties containing four or more dwelling units, such as multi-unit buildings, are not subject to the residential property purchase prohibition.

Source: https://member.crea.ca/wp-content/uploads/2023/12/Foreign-Buyer-Ban_FINAL_Nov2023.pdf

The residence, a testament to classic beauty, offers a lifestyle characterized by timeless elegance. A tastefully expanded addition at the rear of the home showcases floor-to-ceiling windows that frame breathtaking views of the lake. To learn more about this beautiful property and how we can help you throughout your real estate journey, please reach out to Lindsay or Theresa directly.