The Association of Interior REALTORS® (AOIR) and the British Columbia Real Estate Association (BCREA) are once again urging the federal government to amend the Prohibition on the Purchase of Residential Property by Non-Canadians Act. They argue that the current foreign buyer ban, intended to cool major urban markets, is unfairly impacting tourism-dependent ski communities in BC's Interior by restricting crucial foreign investment.
Key Takeaways
- The foreign buyer ban, enacted in 2022, continues to negatively affect BC ski resort communities.
- The ban's application based on Census Metropolitan Areas and Agglomerations inadvertently includes distinct resort areas.
- Real estate associations are calling for an exemption for ski communities to support their economic viability.
- Inconsistent application of the ban, excluding some major resorts like Whistler, is highlighted as a policy flaw.
Unintended Consequences for Ski Communities
The federal legislation, commonly known as the Foreign Buyer Ban, currently applies to areas designated by Statistics Canada as Census Metropolitan Areas (CMAs) or Census Agglomerations (CAs). This broad definition has inadvertently ensnared nine communities and their surrounding regions in BC's Interior. While the ban's objective is to curb speculation in large population centers, its application to geographically diverse areas is causing "unintentional economic difficulties" for tourism-focused ski communities.
A Call for Action and Fairness
"Another year has gone by and we've yet to see any action on this," stated Seth Scott, AOIR Director of Government Relations and Communications. He emphasized that homes in these mountain resort areas serve a different purpose than those in urban centers and that the government needs to act to ensure these communities remain economically viable, especially during the ongoing ski season.
BCREA Senior VP Trevor Hargreaves echoed these sentiments, calling the situation a matter of "fairness and consistency." He pointed out the inconsistency of the ban including some ski resort areas while excluding others, such as Whistler and Big White, as well as similar resorts in other provinces like Mont Tremblant. BCREA advocates for a simple exemption for all BC ski communities.
Urging Regulatory Exemptions
AOIR and BCREA are actively pushing Housing, Infrastructure and Communities Canada and the Canada Mortgage and Housing Corporation to implement a regulatory exemption for specific Interior ski resort areas, including Sun Peaks, Apex Mountain, and Silverstar. They believe this is an urgent issue that requires immediate attention from Canada's Minister of Housing and Infrastructure, Gregor Robertson.
