The purpose of these guidelines is to enable residents of the province and resident corporations to have a fair opportunity to purchase land. To achieve this objective, land must be advertised on the local real estate market for a reasonable period before a non-resident person or corporation can purchase it under the Lands Protection Act’s Sections 4 and 5.
The guidelines aim to ensure that resident persons and corporations are aware of land for sale and can compete for its purchase. The Commission will use these guidelines to make recommendations to the Executive Council on applications from non-residents.
To clarify the guidelines, appropriate advertisement refers to an ad measuring at least 1″ x 1″ with parcel details and contact information. An appropriate sign must measure at least 2′ x 1.5′ with specific parcel details.
A reasonable amount of time for advertising is a minimum of three months within the six months before an application is made under the Act. Acceptable methods of advertising include listing with a real estate company, an advertisement in a local newspaper, or on a classified website, accompanied by an appropriate sign on the property.
Exceptions to advertising requirements may be made if it can be demonstrated that the acquisition would not be harmful to the public interest or if the acquisition is through a lease.
The Commission will use these guidelines to ensure that the local advertising factor is applied fairly and reasonably, and that all parties are aware of the requirements to meet this factor.