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The Canadian ban on foreign buyers of residential properties, which has been in place for over a month, continues to pose challenges for real estate agents across the country. The ban applies to non-Canadians, excluding homes outside a census metropolitan area or a census agglomeration. While the impact on the overall real estate market is expected to be negligible as only 2-3% of the market is traditionally foreign buyers, real estate agents are still trying to understand the complexities of the regulations. The federal government released the regulations 10 days before implementation, causing confusion among real estate agents as to what census areas fall under the foreign buyer bill. Some real estate agencies have sought legal advice to help navigate the legislation, which is considered to be bureaucratic and confusing.

Read the full article on: REAL ESTATE MAGAZINE