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Foreign Buyer Ban Great for BC Real Estate Investors

Ban on Foreign Buyers Great for Local Real Estate Investors


You’ve Got 972 Days to Get Your Next Mortgage (but don’t wait that long)

At press (May 3, 2024) BC resident homeowners and other Canadian investors have abou 2.5 years to take advantage of a massive opportunity. Properties in resort communities and designated resort municipalities are ripe for the picking, with sellers being highly motivated. So what’s the countdown all about? Keep reading.

Extended Federal Ban on Foreign Buyers is GREAT for Local Buyers Interested in Resort Community Investment

Feds Extended Ban on Foreign Buyers (including Resort Municipalities)

In case you didn’t hear, the Canadian federal government recently extended the ban on foreign real estate buyers until 2027. Expectations of that happening were about 50/50, but what surprised a number of sellers and developers was the fact that the ban also included resort municipalities, which traditionally attract foreign investment.

This is awesome news for BC resident and Canadian buyers as a whole.

The reason that the news is welcomed with opened arms by prospective investors, is that sellers are now highly motivated. They have little choice but to reduce their prices to attract local Canadian buyers who are looking for a second/vacation home (or even their first) in a resort community. These buyers have been holding off due to inflation and high interest rates, so sellers can only attract them via price reductions. Moreover, sellers are now more likely to give way concessions. This infers that potential investors may request upgrades/retrofits prior to purchase, and may also consider asking for fully furnished suites. The latter makes sense for resort municipalities, especially for those properties being used as short term rental (Airbnb).

What are some lucrative resort-like communities and designated resort municipalities in BC to consider for your second home? Investment opportunities include the following:

  • Fernie (designated resort municipality)
  • Golden (designated resort municipality)
  • Harrison Hot Springs (designated resort municipality)
  • Invermere (designated resort municipality)
  • Kelowna / West Kelowna (community)
  • Kimberley (designated resort municipality)
  • Osoyoos (designated resort municipality)
  • Peachland (community)
  • Penticton (community)
  • Radium Hot Springs (designated resort municipality)
  • Revelstoke (designated resort municipality)
  • Rossland (designated resort municipality)
  • Summerland (community)
  • Sun Peaks Resorts (designated resort municipality)
  • Tofino / Ucluelet (designated resort municipality)
  • Valemount (designated resort municipality)
  • Whistler (designated resort municipality)

Pretty impressive list, isn’t it? The fact that it’s currently hands-off to foreign buyers is music to the ears of local investors who are tired of prices being driven through the roof by those without roots in the communities.

You’ve got 972 days (at press) to beat the countdown clock. We suggest that you act immediately by calling 250.493.9111 or read ahead first for more information.

Why You Should Not Wait

Sellers are upset at the moment, but as the countdown winds down on that 972 days and 2027 gets close, they will hold on to their properties with a tight grip. If the ban on foreign investment for resort municipalities is removed in 2027 as expected, the floodgates will open and property values in those communities will likely skyrocket. Sellers will wait the extra few months of 2026 to cash out accordingly. But for 2024 and 2025, they are expected to keep their prices low and concede on lowball buyer offers and requests for concessions. And in case you haven’t done the math on this already, local buyers who snag properties in 2024/2025 will be able to resell at a profit should they (you) desire to sell to a foreign buyer when they are enabled. As a BC resident / Canadian you have the right to do as you wish, be it to enjoy a second/vacation home today and/or revel in a sweet payday tomorrow.

Ask About Mortgage Opportunities in BC’s Resort Communities

CALL 250.493.9111