the Prohibition on the Purchase of Residential Property by Non-Canadians Act,
commonly known as the “FOREIGN BUYER BAN”, remains in effect across British Columbia and the rest of Canada.
Originally scheduled to expire at the start of 2025, the federal government extended the ban until January 1, 2027
.
1. Who is Banned?
The ban applies to "non-Canadians," which includes:
Individuals who are not Canadian citizens, permanent residents, or registered under the
Indian Act
Private corporations or entities formed outside of Canada, or those formed in Canada but controlled by non-Canadians (typically defined as having
10% or more
foreign ownership).
2. What Property is Restricted?
The ban specifically targets "residential property" in CERTAIN urban centres. NELSON BC being one of these areas.
The restriction applies to: Detached houses, semi-detached houses, town houses, and apartment type units.
Exempt Locations:
Many rural communities in the Kootenay Lake area and a short drive from Nelson remain outside of the ban. Some examples are Castlegar,Salmo, Trail, Rossland, Ymir, The Slocan Valley, Winlaw, Slocan City, Silverton, New Denver, Kaslo, Crawford Bay and Riondel.
Exempt Property Types:
Vacant land zoned for residential or mixed use and buildings with four or more units are generally exempt.
3. Key Exemptions for Individuals
Certain non-Canadians may still purchase property if they meet specific criteria:
Work Permit Holders: If they have at least 183 days remaining on their work permit and have not previously purchased a property in Canada while the ban is in effect.
International Students:
If they were physically present in Canada for at least 244 days in each of the five preceding years, filed taxes for those years, and the purchase price is under $500,000
Spouses/Partners: Non-Canadians purchasing with a Canadian spouse or common-law partner.
Refugees: Those with protected person status or those who have made eligible refugee protection claims.
For more information please feel free to reach out to us
