So… now that the new Federal rule is in place, the question is; Will Canada’s ban on foreign homebuyers make houses more affordable?
It is hard to say right now since we are in the slowest part of the year for buying/selling of real estate. But, I suspect it will factor into the overall market in 2023. It is not the only factor that will have an influence. As you know, interst rates have risen significantly over the past six months and there certainly is a change in the local market here on PEI . Sales have slowed, multiple offers are almost non-existent and length of time on market and expiries are on the rise.
BUT, on the other hand, the Maritime provinces are becoming increasingly attractive to Canadians from across other provinces… especially BC, Alberta and Ontario.
Time will tell, but historically, no matter what the season; houses will be listed and sold because life goes on. Births/deaths/marriages/divorces and aging continue, no matter the external financial forces.
If you are interested in reading up on the latest news regarding foreign ownership in Canada, here is the link: