Does the Federal Foreign Buyer Ban Still Apply to BC Homes?
This answer covers the law of British Columbia.
Yes, the federal ban on non-Canadians buying residential property came into force on January 1, 2023, and the Department of Finance announced in February 2024 that it would be extended from January 1, 2025 to January 1, 2027. Because that end date is close, confirm whether it has been extended again before you rely on it.
Several exceptions exist. The ban does not apply to a protected person under the Immigration and Refugee Protection Act, to a work permit holder whose permit has 183 or more days of validity left on the purchase date and who has not bought more than one residential property, or to a refugee claimant whose claim was found eligible and referred to the Refugee Protection Division. It also does not reach property outside a census agglomeration or census metropolitan area, so the address matters.
Separately, BC charges an additional property transfer tax of 20% on the buyer's share of the residential portion of property in specified areas, which applies to foreign nationals, foreign corporations and taxable trustees. A lawyer can confirm which rules fit your situation.
Key takeaways
- The federal ban on non-Canadians buying residential property came into force on January 1, 2023, and was announced in February 2024 as extended to January 1, 2027.
- Breaking the ban can mean a fine of not more than $10,000, and a court may order the property sold.
- The exceptions include protected persons, certain work permit holders and refugee claimants whose claims were found eligible and referred, and several carry conditions.
- BC's additional property transfer tax is a separate 20% charge that applies to foreign nationals, foreign corporations and taxable trustees in specified areas.