“This will also allow us to work with provinces and municipalities to develop a framework to better regulate the role of foreign buyers in the Canadian housing market so that this money does not deter housing from being available for and used by Canadians.”
In implementing the ban, the Government of Canada said it had consulted with government partners, stakeholders and Canadians to develop the regulations.But Larry Mohr, chief operating officer and license partner of Engel & Völkers Ottawa Central, said it provided advice opposing the ban on properties in the luxury market.
“The whole jumping through hoops has made it very cumbersome and expensive to buy,” she said. “Even if you hire a lawyer to wade through all that, that’s also an added expense. Why would someone deal with that when you can go to another country and not have to do any of that, and where you’re welcome?”
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