Can Foreign Buyers Buy In Canmore Yet? | Proposed Changes | Canada Foreign Buyer Ban Update

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.

When will we know more? 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. 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.

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Richard Greaves, Kyle Pressman, Sophie Smith RE/MAX Alpine Realty

Independently licensed Realtors with RE/MAX Alpine Realty #canmore #canmorerealestate #foreignbuyer #foreignbuyerban #canmorehomes