I'm a foreigner(non-Canadian) living in Quebec, Canada. As per the law of Quebec, foreigners who wants to buy large field of land must apply for a permit, which allows them to own the land for three years, and after that, they must either become a PR/citizen to continue to own the land, or sell the land.
I have bought a farm in Quebec for about 150 acres, and by the end of 2023, it'll be three years for me. Currently I am still a non-resident, so I'd like to know what will happen.
Here are some details and my questions:
- How will the government enforce this rule? Will they force me to put my house on sale? (I'm already putting it on sale, and I hope it gets sold before the end of 2023)
- If the government simply makes me put the farm on sale, then what happens if no buyer is interested and the house stays on the market for, say, another year or two? Do I get to continue living on the farm as my primary residence?
- Alternatively, if the government enforces me to sell the farm by hosting a government auction to sell the farm for me, what will be the price range and how will I get paid? I paid 700k for the farm back then, and now the market is around 900k for such a farm. I'm afraid that the government will sell it for something like 400k then only pay me 400k(aka at a considerably lower price than the market), or is that not going to happen?