Foreign Buyer Ban
"Starting in January 2023, non-Canadians will be banned from buying homes across Canada, through the Prohibition on the Purchase of Residential Property by Non-Canadians Act. This Act prohibits non-citizens and non-permanent residents from purchasing residential property in Canada for two years." Source & Read More: Click Here
This 2 year ban on foreign buyers for residential real estate is an attempt to temper the heat of real estate markets across Canada.
"The Act prohibits non-Canadians from purchasing residential property in Canada for 2 years. This act doesn’t affect Canadians and permanent residents. There may be exemptions for certain groups of people, types of residential property, and particular circumstances – these have not yet been established." Source: Click Here
In the FAQ, it notes: "The Government intends to exclude recreational properties from the prohibition. As such, the Government is proposing to provide an exception in the regulations for any residential property located outside of a Census Metropolitan Area or Census Agglomeration." Source: Click Here
Based on the above, it is our understanding, expectation and hope that this exemption will include Whistler and Pemberton related to recreational properties, however, this has not been announced nor confirmed. We anticipate more to released as we move into the New Year.
Prohibition on the Purchase of Residential Property by Non-Canadians Act: Click Here