[As you may have heard], 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.
We anticipate 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.
Ottawa’s decision to release the supporting regulations only ten days before implementation gave REALTORS® across Canada very little time to understand and adapt to the new requirements.
As such, certain aspects of the Foreign Buyers Ban still lack clarity, including the exemptions. To that end, we are taking proactive measures to seek interpretations on the Foreign Buyers Ban regulations to ensure that REALTORS® have the information and resources they need to adapt to the changes.
Under CREA’s jurisdictional leadership, we 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.
In the days and weeks ahead, we will continue to update you as more information becomes available.
Karin Barlow & Associates
Newport Realty Ltd.
1144 Fort Street