Federal government to change foreign buyer ban, exempt new builds and pre-sales

Summary

The federal budget announced Thursday includes a measure to extend the Prohibition on the Purchase of Residential Property by Non-Canadians Act to Jan. 1, 2029. The federal government announced changes to the ban, exempting new and pre-sale residential properties. The current ban was set to expire on Jan. 1, 2027. Local real estate consultant Michael Geller says the extension will benefit B.C. and it's something the development industry has been asking for. "Our housing markets are so weak right now; any benefit would be greatly appreciated,” said Geller. The B.C. provincial government also…

Description from Global News.