Latest Blog Posts

Amendments to Foreign Buyer Ban Introduced by Canadian Government

amendment Foreign Buyer Ban

The Canadian Government Introduces Amendments to Foreign Buyer Ban

Sources: Storeys, CMHC

On March 27, 2023, the Government of Canada announced several amendments to the Prohibition on the Purchase of Residential Property by the Non-Canadians Act, commonly known as the foreign buyer ban. These changes aim to expand exceptions to the regulations, which had caused unintended difficulties for real estate developers across the country.

The four amendments are effective immediately, and they include increasing the Foreign Control Threshold to 10%, allowing non-Canadians to purchase residential property for development purposes, lifting the ban on purchasing vacant land, and permitting work permit holders to buy one residential property if they have at least 183 days of validity remaining on their permit.

amendment Foreign Buyer Ban
Picture source: Canva

The original ban created restrictions for individuals and the resale market and also deemed an entity foreign if non-Canadians owned 3% or more of it.

Developers found this provision overly restrictive, particularly for real estate investment trusts (REITs), and welcomed the new threshold.

The development exception, which was previously only applicable to publicly-traded corporations, now also applies to non-Canadians purchasing residential properties for development purposes.

The amendments to the foreign buyer ban aim to make housing more affordable for Canadians by targeting foreign money.

Still, many in the industry have come to the consensus that the ban will not address the nationwide issue of housing affordability.

Nonetheless, developers are likely to feel some relief from these new changes.

If you have any questions, please call Geoff Jarman at 604-313-7280 or fill out the contact form.

To read more local news and updates please check our BLOG PAGE

To view Geoff Jarman’s Listings CLICK HERE

Tags: real estate Vancouver, Vancouver real estate, Vancouver realestate, home sales, Vancouver homes sale, house prices, housing prices, house buying, real estate Vancouver market, Vancouver market, real estate agent Vancouver, Burnaby realtor, Geoff Jarman, Geoff Jarman top Burnaby realtor,  2023 market news, Vancouver Multifamily Market, BC, housing market, amendment, Federal Foreign Buyer Ban

Housing Choices Program Updates: Stay Informed on Burnaby’s Affordable Housing Initiative

Housing Choices Program laneway homes

Housing Choices Program

Earlier we published articles about laneway homes here and here

Source: City of Burnaby

The Housing Choices Program in Burnaby is an initiative aimed at increasing the availability of affordable housing in the city by diversifying the types of housing available in its neighborhoods. This program focuses on introducing laneway homes and suites in semi-detached homes, which the City of Burnaby approved in February 2023. Laneway homes are small houses built at the back of a main house, while “suites in semis” are secondary suites in semi-detached homes. These new housing types offer additional space for families, new sources of rental housing, and income for homeowners.

To keep residents informed about the Housing Choices Program, the City of Burnaby will be hosting public open houses in North Burnaby and Metrotown, where attendees can ask questions and receive information about the program. The presentation materials from these open houses will also be available online. Additionally, a public survey on the draft program will be available starting on March 27, and residents are encouraged to share their thoughts.

The Housing Choices Program is part of the City of Burnaby’s broader Affordable Housing Strategy, which aims to address the affordability crisis in the region. By introducing new types of housing, such as laneway homes and suites in semi-detached homes, the City hopes to increase the supply of affordable housing options for residents.

For more information about Housing Choices Program in Burnaby call Geoff Jarman at 604-313-7280

For more information on Geoff Jarman and his services click here 

Tags: laneway home, Housing Choices Program