What happens to a purchase agreement signed by a non-Canadian buyer before the foreign buyer ban took effect?

When the federal ban first came into force, it came with transition considerations addressing agreements that were already in place before the restriction began, recognizing that a buyer who signed in good faith before the law existed is in a different position than someone trying to purchase after the fact. Whether and how those transition provisions apply to a specific, older agreement depends on the precise timing and terms involved, and this is not something to work out from general memory of how the ban was first introduced.

Because so much time has now passed since the ban's original start, and the rules and their exemptions have been clarified and adjusted since then, anyone in this situation - a non-Canadian buyer with an agreement signed before the ban existed but not yet closed - should treat it as requiring dedicated legal analysis of the specific agreement and dates involved, rather than assuming a general transition rule from years ago still applies exactly as it did then.

Get specific legal advice on your exact agreement date and current status if you are in this situation, rather than relying on a general understanding of the original transition rules.