Navigating the Nova Scotia Downpayment Assistance ProgramHave you ever felt like buying a home was as daunting as climbing Mount Everest? You're not alone. The monetary challenges may seem to be too
Canadian Home Buyers: An Update on the Foreign buyer Ban
Dated: February 18 2023
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As we approach the new year, Canadian homebuyers are getting an update on the foreign buyer ban. The Canada Mortgage and Housing Corporation (CMHC) recently released an article titled "Ensuring the Housing Market Remains Available to Canadians" that sheds light on the new act.
Starting January 1, 2023, non-Canadians and corporations controlled by non-Canadians will be prohibited from purchasing residential property for the next two years. The act applies to buildings with three homes or less, as well as parts of buildings like semi-detached homes or condo units. However, larger multi-unit dwellings are not included in the ban.
Anyone caught trying to purchase residential real estate in Canada as a non-Canadian, or assisting them in the process, will be assigned a $10,000 fine.
While the act aims to ensure that the housing market remains available to Canadians, some may question its effectiveness. Additionally, it may have unintended consequences for foreign investors who have made long-term investments in Canadian real estate.
We will have to wait and see how the foreign buyer ban affects the Canadian real estate market in the coming years. As always, if you have any questions or concerns, do not hesitate to reach out to us. Happy holidays and best wishes for the new year!
Chris Crowell
- Bachelor of Commerce, Major in Marketing - Saint Mary's University 2007-2011 - Over ten years sales experience - Former district manager for Unilever Canada Atlantic territory (9yrs) - Using my prio....
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