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PEMBERTON, BC – December 21, 2022
After a surge in home buying during the pandemic, the Canadian government first announced a two-year foreign buyer ban would be brought in to help slow the real estate market in early 2022, which would take effect as of January 1, 2023. This ban would prevent non-Canadians and corporations controlled by non-Canadians from purchasing residential property in Canada, with some noted exceptions.
Whistler and Pemberton Excluded from Foreign Buyer Ban
As of December 21, 2022, we now have clarity that Whistler and Pemberton are excluded from this foreign buyer ban. Both Whistler and Pemberton fall outside the Prohibition on the Purchase of Residential Property by Non-Canadians Act definition of “Residential Property” – which states that the prohibition applies to ‘residential property located in a census metropolitan area or a census agglomeration’. We are happy to share that the real estate markets in Pemberton will remain open to investment, despite the ban.
View the census tract reference maps here.
Foreign Buyer Ban – Important Key Facts
Canada’s Foreign Buyer Ban – Key Definitions
All of the below are defined under The Prohibition on the Purchase of Residential Property by Non-Canadians Act
This act applies to individuals who aren’t; Canadian citizens, permanent residents of Canada, persons registered under the Indian Act, corporations based in Canada that are privately held; not listed on the stock exchange in Canada, controlled by someone who is a non-Canadian.
This act defines residential property as buildings of up to 3 dwelling units and parts of buildings, like semi-detached houses or condominium units. This prohibition applies to; residential property located in a census metropolitan area or a census agglomeration.
Frequently Asked Questions: Canada’s Foreign Buyer Ban
When will the Prohibition on the Purchase of Residential Property by Non-Canadians Act come into force?
January 1, 2023. The prohibition will be in effect for a period of 2 years.
Who does the Prohibition on the Purchase of Residential Property by Non-Canadians Act apply to?
The Prohibition on the Purchase of Residential Property by Non-Canadians Act applies to:
Certain exceptions for specific groups of non-Canadians are outlined in the Regulations. For more information on the Foreign Buyer Ban, please visit.
B.C. Real Estate’s Cooling-Off Period
Additionally, effective on January 1, 2023, the Cooling-off Period is an unprecedented change to real estate contract law that creates the legal right to rescind a residential real estate contract in exchange for a fee. From the time the contract is finalized, buyers will have 3 days in which they can back out of the deal for a fee equal to 0.25% of the property purchase price.
The developer reserves the right to make changes and modifications to the project design, specifications and features without notice. E&O.E.
This advertisement/document does not constitute offers of sale capable of acceptance without a Disclosure Statement.
Personal Real Estate Corporation
1 (604) 935-2650
1 (800) 667-2993