FOREIGN BUYER BAN LATEST
Can Foreign Buyers Purchase New Construction in Canmore?
Explore proposed changes to Canada's foreign buyer rules and discover new construction opportunities in the Bow Valley.
2026 FEDERAL BUDGET PROPOSAL - NOT YET LAW
What Is The Foreign Buyer Ban?
Canada's foreign buyer ban, officially known as the Prohibition on the Purchase of Residential Property by Non-Canadians Act, came into effect on January 1, 2023. The legislation generally restricts non-Canadian citizens and non-permanent residents from purchasing certain residential properties in designated areas of Canada, including Canmore. However, exemptions exist depending on the purchaser, property type and location. The federal government introduced the restrictions to limit foreign investment in existing housing while addressing housing affordability and availability.
Timeline
January 2023
Canada's foreign buyer ban comes into effect, prohibiting non-Canadians from purchasing certain residential properties for a two-year period (with exemptions)
February 2024
The Ban is extended for an additional two years, now set to expire on January 1st 2027.
November 2026
2026 Federal Budget proposes extending the ban to January 1st 2029, while introducing an exemption for newly constructed residential properties, subject to legislative approval.
The proposed changes are not yet law. The new build exemption, final details and effective date will only apply once the legislation receives the Royal Assent.
Areas Of Town With New Construction
Canmore offers a select range of new construction opportunities across some of its most desirable neighbourhoods. From the growing communities of Three Sisters and Stewart Creek to the walkable streets of South Canmore and the luxury estates of Silvertip, each area offers something unique. Explore the developments shaping Canmore's future and discover the different opportunities available throughout the Bow Valley.
Home to Canmore's largest concentration of new construction, Three Sisters and Stewart Creek continue to grow with multiple residential developments underway and planned. Explore projects including Altitude, The Meadows, Ridgeview, and Alder & Stone, offering a variety of opportunities in an expanding mountain community.
Three Sisters
Located just steps from Main Street, the Bow River, and Canmore's shops and restaurants, South Canmore offers a rare combination of walkability and new construction. Discover modern apartments at Colliery Parc and luxury new-build duplexes by Cascade Homes in one of Canmore's most sought-after walkable neighbourhoods, close to everything!
South Canmore
Known for its elevated mountain setting, spectacular views, and luxury residences, Silvertip offers exceptional opportunities for those seeking a more refined mountain lifestyle. Mountain Tranquility features premium residential lots and custom home-building opportunities, allowing buyers to create a luxurious mountain residence.
Silvertip Resort
Whether you're exploring future opportunities or have questions about moving to Canmore, we're here to help. Book a complimentary, no-obligation appointment to discuss Canmore's new construction developments and your options. Meet with us virtually or in person at our RE/MAX Alpine Realty office in Canmore.
Stay Up To Date
Be among the first to hear about changes to Canada's foreign buyer restrictions, new construction developments in Canmore, and potential purchasing opportunities as legislation evolves.
Discover NEW Construction
Canmore has several exciting new construction projects underway and in development, offering opportunities to own a newly built property in the heart of the Canadian Rockies. From thoughtfully designed mountain residences to modern townhomes and luxury homes, these developments offer a range of options for buyers looking to invest in Canmore's future.
