| As you already may know, in 2023, the Federal Government of Canada implemented a federal ban on most non-resident, non-Canadian purchases of residential real estate, aiming to cool overheated housing markets and improve affordability for domestic buyers. The law prohibits most foreign buyers from acquiring single-family homes and condos for a two-year period, however it was extended for another two years, with limited exemptions.
The Foreign Buyer Ban is set to expire at the end of this year, but as it was already extended once, it may be again. More information can be found on our website at The Foreign Buyer Ban – B.C. Real Estate Lawyers . We’ll be sure to update you with any information we receive in the future related to the Foreign Buyer Ban and other legal topics. As always, thanks for the support. |