BAN ON FOREIGN BUYERS

On January 1st, 2023, the Canadian Federal Government introduced a new ban on foreign buyers in the country that is to last two years. The rule aims to protect the interests of Canadians and ensure that the real estate market remains accessible and affordable for local residents. The ban applies to all types of homes, including single-family homes, townhomes, and condominiums (some exemptions apply). While some areas are exempt from this rule, the vast majority of dense metropolitan areas are included.

Under the new ban, foreign buyers are prohibited from purchasing residential property in Canada, except in rare circumstances where they have obtained prior approval from the government. The ban applies to all foreign nationals who do not reside in Canada and includes individuals, corporations, and trusts that are controlled by foreign nationals.

The intention of the ban is to address the issue of rising home prices and limited availability of homes in the province, which many have attributed to foreign investment. By limiting foreign investment, the government hopes to reduce the pressure on the local real estate market and make it more accessible and affordable for British Columbians.

In a statement, the BC government said, "We are committed to protecting the interests of British Columbians and ensuring that the real estate market remains accessible and affordable for local residents. The ban on foreign buyers is an important step towards achieving this goal and ensuring that the real estate market serves the needs of the people of our province."

Overall, the ban on foreign buyers represents a significant step forward in addressing the issue of rising home prices and limited availability of homes in the province. By limiting foreign investment, the government hopes to create a more accessible and affordable real estate market for local residents.