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Foreign Buyer Ban

Staying current in the real estate world is another way we can support our clients with their mortgage needs.

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Recently our office had the privilege to sit down with a real estate lawyer and learn more in depth what this new Canada Foreign Buyer Ban means.

Some of our key takeaways are -

  • The ban is effective in census metropolitan areas with a total population of at least 100,000, of which 50,000 or more live in the core.

  • The ban is in effect in a census agglomeration areas with a population of at least 10,000 living in it's core.

  • The ban only takes effect on residential purchases and vacant lot purchases, that are zoned for residential use.

  • To find out who the ban applies to, check out https://www.cmhc-schl.gc.ca/ for more information.

Disclaimer: We are not lawyers and cannot provide legal advice. But we can point you in the direction of someone who can!****

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