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Canada makes amendments to foreign homebuyers ban – here's what they look likeMonths after Canada’s ban on foreign homebuyers took effect on Jan. 1, the Canada Mortgage and Housing Corporation (CMHC) has made several amendments to the legislation allowing non-Canadians to purchase residential properties in certain circumstances.Announced on March 27 by Minister of Housing and Diversity and Inclusion Ahmed Hussen, the changes to Canada’s Prohibition on the Purchase of Residential Property by Non-Canadians Act primarily affect work permit holders, as well as public and private corporations partially owned by foreigners.“These amendments will allow newcomers to put down roots in Canada through home ownership and businesses to create jobs and build homes by adding to the housing supply in Canadian cities,” reads a press release from the CMHC.The ban was initially passed by Parliament in June 2022 before taking effect in January of this year. It prevents commercial enterprises and individuals outside of Canada from buying residential properties in the country. According to the CMHC, the legislation aims to “make housing more affordable for Canadians.”According to the new rules, anyone in Canada with a work permit is able to purchase a residential property while working. In order to be eligible, permit holders must have at least 183 days left on their work permit at the time of purchasing a home and cannot already own a residential property.When the legislation initially took effect, it included exemptions for those on temporary work permits, but permit holders were still required to work full-time and file income tax returns for at least three out of the last four years. At the time, some expressed concerns that the exemptions were too restrictive, and that the policy would “create obstacles” for newcomers to Canada.But as part of these new amendments, rules around tax filings and previous work experience have been repealed.CHANGES TO VACANT LAND PURCHASES, FOREIGN CONTROL THRESHOLDUnder the new rules, the ban will no longer apply to vacant land zoned for residential and mixed use. This means non-Canadians are now able to purchase this land and use it for any purpose, including residential development.Additionally, another exemption is being made to allow foreigners to buy residential property for the purpose of housing development. Based on the amendments, this exception now also applies to publicly traded companies formed in Canada and controlled by foreigners.The final of four amendments introduced by the federal government involves an increase to the corporate foreign control threshold. The legislation now considers a company to be foreign-controlled if a non-Canadian owns at least 10 per cent of the entity. Previously, the threshold was three per cent.According a press release issued by the Canadian Home Builders’ Association (CHBA) in February, the original three-per-cent threshold held back home developers that were partly owned by foreigners. In a separate press release issued on March 28, the CHBA described the new amendments as “much needed.”Although the national average home price has dropped from its peak about one year ago, housing affordability remains a source of anxiety for many Canadians. A recent survey released by Mortgage Professionals Canada shows a record number of Canadians who do not currently own a home think they will never be able to afford one.By limiting foreign investor activity among residential properties, some market-watchers predict the ban will create new buying opportunities for Canadians by freeing up supply.However, data compiled by the CMHC and released in 2017 shows foreign buyers owned a minimal amount of residential properties in various Canadian cities. Additionally, real estate experts have offered mixed reactions to the regulations when it comes to the impact they will have on Canada’s housing market.CTVNews.ca ... See MoreSee Less

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1 day ago

Meet Our Team:Sonja JansenMortgage Advisor604.798.5395sonja.jansen@ymscanada.caSonja successfully completed BC’s broker licensing program through UBC and is a Mortgage Advisor with YMS. Sonja has always had an interest in Real Estate. As a Mortgage Advisor, this interest only grows as she is able to include her passion for helping others realize their financial goals and dreams. Sonja enjoys connecting with clients and working closely with them to uncover possible scenarios which will balance their needs and wants. With her extensive knowledge, attention to detail and access to dozens of mortgage products, Sonja will alleviate the stress of finding you the right mortgage and save you time and money in the process. From the pre-approval stage to completion, to questions concerning refinance, or developing creative solutions for your housing goals, she is determined to provide you with exceptional service and advice based on transparency and honesty. ... See MoreSee Less

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2 days ago

Our Client Comment of the Week:It's my pleasure to recommend Your Mortgage Source.Thanks to Alex and his team I was able to secure finance for our first home during a very difficult time to be a Buyer in the real estate market.E Velten ... See MoreSee Less

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Line of Credit | BC Mortgage Broker | Your Mortgage Source

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Line of Credit: If you are looking for the flexibility of a LINE OF CREDIT secured by your home we have options for you. Call us at 604-556-3893 or email info@ymscanada.ca and ask about our HOME EQUITY LINE OF CREDIT product. ... See MoreSee Less

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Our latest mortgage rates and products at Your Mortgage Source. Call us at 604-556-3893 or email info@ymscanada.ca for more information. ... See MoreSee Less

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Prime Rate Holds Steady for First Time in a Year - Your Mortgage Source - Abbotsford Mortgage Broker

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Meet Our TeamAhmed HusseinMortgage Advisor604.302.7263ahmed.hussein@ymscanada.caOver the last decade, Ahmed has consistently been involved within the Abbotsford community. Whether it is through his extensive volunteer work at the Abbotsford Regional Hospital or his involvement with different hockey programs, Ahmed has always found Abbotsford to be home.Despite initially completing a BSc (Biology) and a BA (Psychology) in pursuit for a career as a family physician, Ahmed still had a passion for all things finance. He has spent the last 15 years developing and managing an equity portfolio that is primarily focused on insurance provision via CFD’s.Furthermore, Ahmed is no stranger to real estate. As an investor himself, he intimately understands the local rental markets. Having personally been through numerous purchases and refinances, Ahmed comprehends the need for a competent mortgage team to assist in any acquisition. It is his pleasure to work for you in attaining your real estate lending goals. ... See MoreSee Less

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Our Client Comment of the Week:The best in the business very professional always called me on time emailed me right away I would highly recommend they made the experience fun I had a very tuff mortgage and deadlines and situations and when I thought it wasn't going to happen Alex pulled through I now I have my first house and mortage of my dreams thank you Alex for all your hard workNathaniel Hanssens ... See MoreSee Less

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Fixed Rate Mortgage - Your Mortgage Source - Abbotsford Mortgage Broker

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Fixed Rate Mortgage: Whether you are purchasing or refinancing a property, our team works fast and efficiently to get you the best FIXED RATE mortgage. Call us at 604-556-3893 or email info@ymscanada.ca and ask about our FIXED RATE mortgages. ... See MoreSee Less

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2 weeks ago

Our latest mortgage rates and products at Your Mortgage Source. Call us at 604-556-3893 or email info@ymscanada.ca for more information. ... See MoreSee Less