Foreign Buyer Ban of Canadian PropertyPosted by Denise Brown on
Foreign Buyer Ban
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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