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Found 257 entries published by Denise Brown.
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In its most recent post, CMHC has received public feedback and is working to finalize the details and regulations under the Act, and how to enforce it.
CMHC's summary of the legislation is:
"The Act prohibits non-Canadians from purchasing residential property in Canada for 2 years. This act doesn’t affect Canadians and permanent residents. There may be exemptions for certain groups of people, types of residential property, and particular circumstances – these have not yet been established. (Once we’ve reviewed your feedback, we can establish the exemptions.)
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Download the information package here
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Download the information package including the revenue statements right here
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The Canadian Real Estate Association (CREA) published an update on the "Prohibition on the purchase of residential property by non-Canadians Act" (also called Foreign Buyer Ban) which comes into force January 1, 2023.
While Whistler avoided British Columbia’s Foreign Buyer Tax (implemented in August 2016) and the Speculation and Vacancy Tax (SVT) (introduced in the province’s ‘Budget 2018’), it is not going to avoid this Ban. Based on BC's experience with these taxes, such measures have had a small and often temporary effect on real estate markets, housing availability and affordability. The effects are largely isolated to large metropolitan markets, with no statistically significant impact in smaller communities. The Act:
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As we head into cooler temperatures our minds turn to...... skiing!
Did you know that a significant number of our sales each year occur just before the ski season begins? Buyers look to purchase their Whistler ski 'cabins' before the snow falls and skiing opens November 25th.
If you were considering putting your property on the market, fall is a great time to consider it.
My January to September review of the market shows that prices are remaining strong in all categories of properties. Time to sell is a little longer and we are not seeing as many multiple offers. The market is changing across North America with almost all areas lacking in properties for families to purchase.
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