Real estate associations in British Columbia are once again appealing to the federal government to exempt several ski resort communities from the foreign buyer ban. They argue that the current legislation, intended to cool the housing market, is inadvertently harming local economies in these tourism-dependent regions.
Key Takeaways
- B.C. real estate associations are urging the federal government to exempt ski resort communities from the foreign buyer ban.
- They claim the ban is unintentionally harming local economies and tourism investment.
- The current classification based on census metropolitan areas or agglomerations unfairly includes ski resort areas distinct from population centers.
- Associations are calling for fairness and consistency, citing exemptions for other major ski destinations.
The Unintended Consequences of the Ban
The Association of Interior Realtors (AOIR) and the British Columbia Real Estate Association (BCREA) have highlighted that the Prohibition on the Purchase of Residential Property by Non-Canadians Act continues to affect B.C. ski communities. This is due to their classification within Statistics Canada’s census metropolitan areas or census agglomerations.
In the Interior of B.C., this classification encompasses nine communities and their surrounding areas. The associations contend that these boundaries sweep in ski resort areas that are geographically separate from major population hubs and rely heavily on tourism-related investment.
"Another year has gone by and we’ve yet to see any action on this," stated Seth Scott, AOIR’s director of government relations and communications. "The Interior has some of the province’s most important tourism regions and most popular ski hills. Homes on these mountains serve a different purpose than those in the centre of communities."
A Call for Fairness and Consistency
The associations point out a perceived inconsistency in the application of the ban. While some major B.C. ski destinations like Whistler and Big White, as well as ski communities in other provinces such as Mont Tremblant in Quebec, are exempt, similar communities in the Interior are not.
"This is a matter of fairness and consistency," said Trevor Hargreaves, BCREA’s senior vice-president of government relations, marketing and communications. "Including some ski resort areas and excluding others simply by chance really isn’t good policy making."
Proposed Solution
AOIR and BCREA are advocating for a regulatory exemption from the federal government and Canada Mortgage and Housing Corporation (CMHC). They specifically propose that Interior ski resort communities, including popular destinations like Sun Peaks, Apex Mountain, and SilverStar, be granted this exemption. This measure, they believe, would better support the unique economic drivers of these areas.
