Can Foreign Buyers Buy a Home in Vancouver? - Moving to Vancouver

[@LivingInVancouver-BC]

What questions/topics should I cover in upcoming videos? I'm always looking for interesting ideas and angles to help my viewers better understand what it's like to move to Vancouver and live in Vancouver. Call/Text Direct - 604-831-4837 email: [e-mail] Book a call: www.calendly.com/albrechtgroup

[@hslee169]

If you haven't done a video on it already, I'd love to get your perspective on the new BC multiplex legislation and the potential impact on the market.

[@Robck27]

Amazing work at summarizing all the updates regarding this topic even including the non restricted zones which I've seen many miss

[@LivingInVancouver-BC]

Thanks so much @Robck27! :)

[@marcberrenson570]

Thank you, Sebastian. Got ya!

[@LivingInVancouver-BC]

😀

[@anaandrade1705]

I would like to see and know more about living and buying in Richmond. I’m a Canadian citizen (born in Toronto), currently living outside of Canada for many years now and thinking of moving back i’m looking at Richmond area so some information on that would be appreciated if possible. Thank you.

[@LivingInVancouver-BC]

@anaandrade1705 I hear you. I'll see what I can do about putting something together for Richmond in the coming weeks!

[@anaandrade1705]

@@LivingInVancouver-BC thank you!

[@LivingInVancouver-BC]

:)

[@ArashBakhtiari]

Thank you for your incredibly helpful videos. A realtor mentioned that someone with a work permit can only purchase property in Canada if they have resided in the country for more than three years. Is this correct?

[@LivingInVancouver-BC]

@ArashBakhtiari My pleasure and thank you for watching! I am not aware of there being any requirements on the length of residence when purchasing under the work permit exemption. I believe that originally there were some residence requirements but those were repealed. There is still one for the student exemption, though. You can read the current regulations in detail here: laws-lois.justice.gc.ca/eng/regulations/SOR-2022-250/page-1.html

[@richardr3511]

The government needs to put way more restrictions on foreign buyers.

[@LivingInVancouver-BC]

@richardr3511 We saw some of the biggest price increases in local real estate prices in the two years where we had almost no immigration or international movement with the shutdown due to Covid. "Foreign" buyers aren't the issue.

[@richardr3511]

@@LivingInVancouver-BC well now that there are restrictions on them, condos aren't selling. We all know who's fuelling them. Every new development across metro Vancouver has the same demographic. Once the ban is lifted they will sell again which proves my point.

[@LivingInVancouver-BC]

@richardr3511 LOL. The foreign buyer ban came into effect well after our market had already cooled. Don't believe the hype. It's a nothing burger....just because someone looks different than you and I doesn't make them foreign. It's CANADIANS that have fueled our real estate market and will continue to do so.

[@nicoledegroot803]

So PR holders have the same rights as Canadian citizens? Just checking 😅 (so no foreign taxes etc.)

[@LivingInVancouver-BC]

@nicoledegroot803 Correct. From the perspective of purchasing real estate in Canada a Permanent Resident (PR) is treated the same as being a Canadian Citizen.

[@PauloBristofen]

With the work visa, even having the value of 20% of the property, newly arrived people do not have credit for financial payments. Is that correct?

[@LivingInVancouver-BC]

@PauloBritofen It will depend on the financial institution. A traditional mortgage would require Canadian credit, but some banks (like RBC) have specific programs for newcomers to Canada making the qualification much easier.

[@huskavarnapunkband]

You can come and get a job here, or go to school, then you can buy a house here

[@LivingInVancouver-BC]

@huskavarnaband Well...sort of. There are more hoops to jump through than that...and the student exemption wouldn't allow someone to buy an actual house in Vancouver (they are capped at a price of $500K). Then of course, if a non-canadian actually is exempt from the foreign buyer ban they'd have to have the budget to absorb the foreign buyer tax that's applicable to Metro Vancouver (unless they qualify for that exemption).

[@frankielee908]

Right... that's what I heard... but I missed the extended period till 2027

[@LivingInVancouver-BC]

@frankielee908 I almost missed that, too. ;)

[@eliuha]

So can they?

[@LivingInVancouver-BC]

Haha You know it! ;) Under very specific circumstances, a non-Canadian (considered a foreign buyer) is allowed to purchase property in Vancouver the same as any other Canadian....essentially if you are a contributing member of the Canadian system then the government doesn't want to prevent you from being able to purchase here.

[@marcberrenson570]

You guys are taxed to the max. I just read about the new tax for selling your house within two years of buying it. Jeeezzz

[@LivingInVancouver-BC]

@marcberrenson570 Well...our OVERALL taxes aren't actually that bad (kinda middle of the pack). However, there has been a fair amount of government meddling with regulations and taxes in the last couple of years attempting to lower the cost of housing. The "flipping tax" that you are referring to wouldn't be a tax that would affect most of us...it's just trying to limit the flipping of property which they view as a contributing cause of rising housing prices. Not that I'm a fan of it... :)

[@billferguson1368]

We aren't even on their radar.

[@LivingInVancouver-BC]

@billferguson1368 I'm not clear on what you are referring to here?

[@billferguson1368]

@@LivingInVancouver-BC Foreign Buyers; they vamoosed years ago and, they won't be back.

[@LivingInVancouver-BC]

@billferguson1368 By definition, a foreign buyer is not an immigrant. Vancouver continues to be a leading destination in Canada for new immigrants...and many of them prioritize home ownership.

[@billferguson1368]

@@LivingInVancouver-BC Who says? You?

[@LivingInVancouver-BC]

@billferguson1368 The English language and legal definitions.