On February 16, 2017, Bill M-205 (Property Law and Land Title Amendment Act, 2017) passed first reading which, amongst other things, proposes to make amendments to the Property Law Act (British Columbia). Notably, Bill M-205 would restrict ownership of land within the Agricultural Land Reserve (the “ALR”) by foreign nationals or foreign corporations to a maximum of five acres. The ALR is a collection of approximately 11 million acres of land in British Columbia that has been designated for farming purposes. The proposed amendments would permit foreign nationals and foreign corporations to hold land within the ALR in excess of this amount with the permission of the Lieutenant Governor in Council. For a concise discussion of what constitutes a “foreign national” or a “foreign corporation”, see Ed Wilson, Peter Tolensky, and Stephanie Redding’s blog post here.
Although Bill M-205 has not yet become law, this Bill will be one to watch as it moves through the legislature.
Note: Since the original publication of this post, the Property Law and Land Title Amendment Act, 2017 has been reintroduced as Bill M-202, and passed first reading on October 5, 2017
Our Real Estate Law Blog provides brief commentary on current legal trends and developments affecting your business. The topics addressed in Lawson Lundell’s Real Estate Law Blog are of interest to commercial real estate developers, real estate and strata agents, investors, landlords and tenants, as well as a variety of industry groups.