Facebook
X
Pinterest
Copy Link
In Effect – January 2023 to January 2027
The Canadian government implemented a ban on foreigners purchasing property in census metropolitan (CMA must have a total population of at least 100,000 of which 50% must live in a core) and census agglomeration areas (CA must have a core population of at least 10,000) across the country. This potential ban would exclude many smaller towns and recreational areas that fall below the population thresholds set for census metropolitan areas and census agglomerations.
In this context, towns like Banff, Harvie Heights, Exshaw, Dead Man’s Flats, and Lac Des Arcs may not be included in the ban, as they do not meet the population criteria for census agglomeration areas. Similarly, other mountain towns such as Golden and Revelstoke in British Columbia might also remain open to foreign investment.
However, despite not being subject to the proposed ban, these smaller towns still face significant challenges related to housing affordability and availability. The demand for housing in these recreational areas may have contributed to rising prices and limited availability, similar to larger cities. Thus, the effectiveness of the ban in addressing housing issues in these towns remains to be seen.
I found it interesting to see the government introduce special regulations or exemptions for small towns that are primarily recreational areas, such as Whistler and Squamish, BC, to address their unique housing dynamics. Overall, the potential ban on foreign property ownership in certain areas reflects the government’s efforts to address housing affordability concerns while acknowledging the distinct characteristics of different regions across Canada.
In Canada, the restrictions apply to foreign investment in residential real estate. These restrictions do not extend to other types of properties such as commercial, multifamily, development land, or recreational properties. These restrictions aim to make it easier for Canadian citizens to enter the housing market and purchase homes for residential purposes.
The ban on foreign investment specifically targets properties that are considered residential. This includes detached houses, semi-detached houses, rowhouse units, residential condominium units, and similar premises intended for residential purposes. Properties falling under this definition are subject to restrictions to ensure that they remain accessible to Canadian citizens, in particular first-time homebuyers.
By limiting foreign investment in residential real estate, the Canadian government tries to mitigate the impact of external factors on housing prices and promote housing affordability for its citizens. Commercial properties and other non-residential real estate are excluded from these restrictions as they are deemed to have less of an impact on housing prices and are not typically targeted by first-time homebuyers.
Exemptions – Foreigners on Work Visa and Married to Canadian Citizen
Foreigners on a work or study visa, as well as those who are temporary residents in Canada, may still be allowed to buy real estate in the country. A temporary resident encompasses individuals on various types of visas, including work or study visas.
Additionally, if a person is married to a Canadian citizen or permanent resident, they can still invest in Canadian real estate, even if they are not Canadian citizens or permanent residents themselves. This is because they would be considered closely associated with a Canadian citizen or permanent resident through marriage or common-law partnership.
It’s important to note that while these individuals may still be allowed to invest in Canadian real estate, it’s essential to stay updated on any changes in regulations or policies regarding foreign property ownership in Canada. Regulations can evolve, and it’s advisable to seek advice from legal or real estate professionals for the most accurate and current information regarding investment opportunities and regulations in Canada.
What can Non-Canadian’s Buy in Canmore?
Opportunity for American citizens and other foreign nationals to invest in land in Canmore, Canada. Since there are no restrictions on foreigners purchasing land in Canmore, individuals without ties or visas to Canada can still take advantage of this opportunity.
By buying land in Canmore, investors have the potential to develop properties, presenting an attractive investment opportunity. It’s crucial to emphasize the legality of this investment option, depends on particular property and needs to be confirmed. An example would be a Silvertip Tranquility Place lot’s that are both open to foreign investment as well as allowed to be in short term rental.
Once the land is purchased, there are no restrictions on building a house to either live in or rent out, offering flexibility for investors to capitalize on the growing demand for short-term rental properties in Canmore.
If you have questions, please, feel free to email me at anna.janowska@century21.ca or leave a comment below.
