As you may know, the Prohibition on the Purchase of Residential Property by Non-Canadians Act (Foreign Buyers Ban) came into effect on January 1, 2023. Like the Canadian Real Estate Association (CREA), the BC Real Estate Association is disappointed by the federal government’s decision to move forward with this legislation and the rollout of its regulations.
The BCREA anticipates that the Foreign Buyers Ban will not achieve its objective of improving housing affordability, given that foreign investment in BC real estate has been less than 0.5 per cent of purchases in the last two years.
Certain aspects of the Foreign Buyers Ban still lack clarity, including the exemptions. To that end, REALTORS® are taking proactive measures to seek interpretations on the Foreign Buyers Ban regulations to ensure that you have the information and resources you need to adapt to the changes.
Under CREA’s jurisdictional leadership, REALTORS®' associations are actively engaged in ongoing dialogue with federal policymakers, legal experts, Statistics Canada, the Canadian Mortgage and Housing Corporation and other stakeholders for clarification on the ambiguities.
As questions arise or if you have feedback on the Foreign Buyers Ban, please contact me.
In the days and weeks ahead, I can keep you updated as more information becomes available.
Please use the resources below to help you understand the Foreign Buyers Ban and ensure due diligence: