Foreign Buyer Ban in Canada

Have you heard the news?!

The federal government has brought in a foreign buyer ban to stop non-Canadians from purchasing homes in Canada…

Being a realtor myself, I don’t see a lot of foreign buyers and don’t believe they make up a large portion of the people that are bringing in money.

So, the question is, is this going to make a difference for buyers and/or sellers with prices coming down as a result?  

In my professional opinion, I don’t believe so!

What it will do though, is influence buyers. How? Well buyers will think in terms of “Hey, there’s a foreign buyer ban, prices are going to tank. Now is our chance!”.

However, it is very unlikely that that is going to occur because foreign buyers didn’t affect the market that massively before this was put into place. According to the CBC, in British Columbia's hot housing market, only about 1.1 per cent of transactions in 2021 involved a foreign buyer.

The only impact of this will be false hope which will lead buyers to hold off writing offers because they will be hoping that prices will drop a little more. 

Maybe they will drop a little more because of the interest rate hikes but not because of the foreign buyer ban.

However, now is the time to buy. If you have the funds, purchase that home and don’t wait any longer. The mortgage rates have gone up and the prices are down, it’s a no brainer! Remember it's about the time in the real estate market and not timing the market. 

So, be prepared, let's get you qualified and get out there looking for your investment. 

If you have any questions, reach out to me at 778-245-8424, or sold@brookswoodhomes.info.