So now I'm confused. As far as I know, a grey import vehicle is one that does not meet CMVSS/FMVSS standards.
This vehicle, just like my grey import VW, does not have canadian/US homologation, even though other e34's (or mk3 Golfs) have been sold in North America.
By default, ANY vehicle that has been built outside of CMVSS/FMVSS standards and is less than 15 years old is a grey import and is not allowed in Canada. If it is older than 15 years old, like my VW, then it can be imported but is still considered a grey import. This goes for any vehicle, sold in North America or not.
The car I'm looking at is a 1991. I can guarantee that if anyone tried to import this car from Germany before 2006, it would be denied entry into the country. Once on Canadian soil, it would either have to be deported back to destroyed under the supervision of Customs Canada.
But I digress...