On January 1st, 2023 the Canadian Federal Government Introduced a two year ban on foreign buyers. While this ban doesn’t directly impact Whistler and Pemberton due to its population - Squamish and areas with higher populations like Vancouver are impacted. As the rules as they were initially introduced have since been modified to allow some foreign ownership in these larger urban areas.
These changes include:
- Non-Canadians can now purchase residential properties for the purposes of development.
- Non-Canadians can now purchase vacant land that’s zoned for residential and mixed-use. The ban previously applied to all properties zoned for residential and mixed-use.
- An exemption for work permit holders. Now, work permit holders with 183 days or more of validity remaining on their work permit or work authorization can purchase one residential property.
- An increase in the corporation foreign control threshold from three per cent to 10 per cent for privately held corporations and/or entities created in Canada and controlled by a non-Canadian.