Experts say foreign-buyer ban won’t bite B.C. real estate prices

Canada’s temporary ban on foreign purchases of residential real estate sends the world a mixed message just as this country is ramping up immigration, but few B.C. experts expect it to have a major effect in this province.

“The message it sends broadly is that we’re not open for business,” said realtor Adil Dinani, who is with the Dinani Group, Real Estate Advisors.

However, “those folks who are getting work permits can still purchase,” as they are included in exemptions to the ban, Dinani said.

The measure, which Prime Minister Justin Trudeau’s government campaigned on in the last election as a means to reduce competition in an environment of soaring property prices, came into effect Jan. 1 and is set to remain for two years.

Regulations enacting the ban prohibit people who aren’t citizens or permanent residents from buying residential real estate, defined as buildings with fewer than three units, such as semi-detached homes, or condominiums.