Does the federal ban on foreign buyers of residential property still apply in BC?
This answer covers the law of British Columbia.
Yes, the federal ban on non-Canadians buying residential property still applies, but only to residential property in a census metropolitan area or census agglomeration, and it is scheduled to end on January 1, 2027. The Prohibition on the Purchase of Residential Property by Non-Canadians Act, in force since January 1, 2023, bars a non-Canadian from buying residential property directly or indirectly. The Department of Finance announced in February 2024 that the ban would be extended to January 1, 2027. Because that date is close, check whether it has been extended again before you rely on it.
The term non-Canadian includes certain corporations, such as one incorporated outside Canada or a Canadian corporation controlled by a non-Canadian. The ban also does not reach property outside a census agglomeration or census metropolitan area. Exceptions cover inheritance, divorce, separation and gifts, protected persons, and some work permit holders.
A non-Canadian who breaks the ban can face a fine of up to $10,000, and after a conviction the Supreme Court of British Columbia may, on application of the Minister, order the property sold. Which exception applies depends on your status and the property's location, so a lawyer can confirm your situation before you sign anything.
Key takeaways
- The ban is scheduled to end on January 1, 2027 unless it is extended again, so confirm its current status before relying on it.
- A temporary resident student may buy only if conditions are met, including a price not over $500,000, 244 days in Canada in each of the five preceding years, and no more than one residential property bought.
- A work permit holder may buy if the permit has 183 or more days of validity left on the purchase date and they have not bought more than one residential property.
- Diplomats, people with certain safe-haven status and eligible refugee claimants are also exempt.