Starting in the new year any non-Canadian that was looking to enter the Canadian real estate market will have to wait out the two-year ban to purchase.
Foreign buyers represent a tiny fraction of transactions conducted throughout the year and many think this ban will not have an impact on the market. Those who will be impacted are the individuals in the industry who would assist a foreign buyer attaining a property.
The way the government is attempting to enforce this ban is to impose fines of up to $10,000 to those who knowingly help a non-Canadian buy a house, those individuals being realtors, lawyers, notaries and financial brokers. This would be a fine that is given per offence throughout these next two years.
Real estate agents will hopefully stick with their Canadian-resident clientele and nurture the leads they have around the world until the ban ends in January 2025.
For more information see this article from the Real Estate Magazine: https://realestatemagazine.ca/canadas-foreign-buyer-ban-is-certain-how-it-will-be-enforced-is-not/
