One of Victorias wealthiest relators wants the foreign buyers ban to go. Do you?
Justin Trudeaus government brought in the Prohibition on the Purchase of Residential Property by Non-Canadians Act on January 1,2023 and it was extended once and is currently set to expire on January 1,2027**.**
The intent was to open up and protect Canadian homes for Canadian buyers and keep costs from getting even more inflated for local buyers. There was of course lots of people who can legally and illegally find ways around laws. Such as work permit holders, property developers, and students and refugees. So I think that lessened its effectiveness.
I’m curious what locals would like to see happen come
January 1st? I’d personally like to see it stay but maybe tighten up wording.
Obviously the local realtors just want to sell more million dollar homes to rich foreign buyers which despite videos spin I can’t see really benefiting local economy anymore then if locals were buying homes.