From Jan. 1, 2023 non-Canadians will be prohibited from buying residential property for two years. The federal government announced the ban saying the measure would help improve housing affordability for Canadians.

Exemptions:

* International students who meet certain requirements, including having spent the bulk of the previous five years in Canada. They would be able to purchase a property for no more than $500,000.
* Workers who have worked and filed tax returns in Canada for at least three out of the four years prior to purchasing a property.
* Diplomats, consular staff and members of international organizations living in Canada.
* Foreign nationals with temporary resident status, including people fleeing conflict, and refugees.

Buildings containing more than three dwelling units, and recreational property — such as cottages, cabins and other vacation homes — will also be exempt.

Non-Canadian entities, such as corporations, and foreign-controlled Canadian entities, will be banned from buying property.

Non-residents who buy property in breach of the ban can face conviction and a $10,000 fine and the courts can order the property to be sold. 

Additional PTT was introduced in 2016 at 15% and then in 2018 it was increasesd to 20% in BC. That is already a big deterrent for foreign entities. 

Whistler and Pemberton are exempt.

Only approximately 5% of buyers in BC are foreigners. We don't see this impacting the market or affordability in Vancouver or helping with the lack of housing issues.

For more information feel free to reach out: [email protected]