A report shows 75% of Americans who owned recreational properties in Canada made their purchase after the foreign buyer ban was unveiled.
The two-year ban will apply to non-Canadian citizens and non-permanent residents and is expected to come into effect on Jan. 1.Start your day with a roundup of B.C.-focused news and opinion delivered straight to your inbox at 7 a.m., Monday to Friday.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails. Postmedia Network Inc.
While vacation homes are expected to be exempt from the ban, Royal LePage says the survey of 1,506 U.S. citizens shows the measure has had a “significant” impact on some buying intentions. Roughly 70 per cent of those surveyed between Nov. 8 and 14 say they or their spouse has Canadian citizenship and at least 43 per cent owned a recreational property in Ontario.
About 40 per cent own a recreational property in Quebec, 35 per cent in Atlantic Canada, 32 per cent in British Columbia, 17 per cent in Alberta and 16 per cent in Saskatchewan and Manitoba.
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