Foreign buyers ban in effect as of January 2023
A quick reminder for those that missed it; effective January 2023, foreign nationals will no longer be able to buy real estate in Canada for 2 years.
Key Points
- Exemptions include:
- Temporary residents
- Students on the path to citizenship
- Individuals whose spouse or common law partner is Canadian
- Canadian citizens
- Real estate contracts entered into prior to January 2023 are also exempt from the ban
Mortgage Fit Thoughts
Foreign buyers make up a very small percentage of real estate transactions in Canada. The majority of their purchases tend to be in major centres such as Vancouver or Toronto. We may see an uptick in foreign buyers prior to the end of the 2022 year for those that were in the process of planning a purchase in Canada. As far as major changes to the current market, we doubt that this will have a large scale impact on the overall housing market.
