Foreign homebuyers ban begins: What it means for Simcoe County and York Region
Canada is now banning foreign homebuyers as the nation looks to cool the housing market.
Areas across Central Ontario saw the average home selling above one million dollars over the last few years, pricing many people out of the market.
Although average home prices in Canada have since dropped, affordability and supply of housing remains an issue.
The new ban will target foreign buyers from purchasing a residential property that includes detached homes or similar buildings, semi-detached houses, rowhouse units, residential condominium units and other similar premises.
"The impact of this for Simcoe County and Barrie is going to effectively nill," said Luc Woolsey, the Barrie and District Association of Realtors president.
According to Woolsey, foreign buyers make up under one per cent of the market. He believes the region needs to grow with the rising population and expand home construction.
"We need to lessen red tape, we need to lessen development charges, and we need to find ways to make it more profitable and easier and faster for builders to build inventory, and that's the only way we can solve this problem," said Woolsey.
In York Region, Century 21 Heritage Group reports a similar issue.
Eryn Richardson, a managing partner with the company, says Newmarket currently has 76 homes on the market, where a healthy number would be around 300.
"it's a bit of an equilibrium in terms of pricing but in terms of demand and supply theya re both low," said Richardson.
Richardson noted that the cooling market could also be due to rising interest rates which could have aided in the average price of a home in York Region dropping.
The ban does come with a few exceptions, which include those in Canada with temporary work permits, refugee claimants and international students who meet specific criteria.
Non-Canadians breaking the rules could face a fine of up to $10,000 and may be required to sell the property.
CTVNews.ca Top Stories
Grandparents killed in wrong-way crash on Hwy. 401 identified
A 60-year-old man and a 55-year-old woman killed in a wrong-way crash on Highway 401 earlier this week have been identified by the Consulate General of India in Toronto.
Police arrest 3 Indian nationals in killing of B.C. Sikh activist Hardeep Singh Nijjar
Three people have been arrested and charged in the killing of B.C. Sikh activist Hardeep Singh Nijjar – as authorities continue investigating potential connections to the Indian government.
Suter scores late goal, clinches series for Canucks
Pius Suter scored with 1:39 left and the Vancouver Canucks advanced to the second round of the NHL playoffs with a 1-0 victory over the Nashville Predators on Friday night in Game 6.
TD worst-case scenario more likely after drug money laundering allegations: analyst
TD Bank Group could be hit with more severe penalties than previously expected, says a banking analyst after a report that the investigation it faces in the U.S. is tied to laundering illicit fentanyl profits.
Quebec man who threatened Trudeau, Legault online sentenced to 20 months in jail
A Quebec man who pleaded guilty to threatening Prime Minister Justin Trudeau and Premier François Legault has been sentenced to 20 months in jail.
Human remains found in rural Sask. possibly a decade old, RCMP say
RCMP say human remains found in a rural area in central Saskatchewan may have been there for a decade or more.
Britney Spears 'home and safe' after paramedics responded to an incident at the Chateau Marmont, source tells CNN
A source close to singer Britney Spears tells CNN that the pop star is 'home and safe' after she had a 'major fight' with her boyfriend on Wednesday night at the Chateau Marmont in West Hollywood.
Canadian doctor concerned new weight-loss drug Wegovy may be used inappropriately
As Wegovy becomes available to Canadians starting Monday, a medical expert is cautioning patients wanting to use the drug to lose weight that no medication is a ''magic bullet,' and the new medication is meant particularly for people who meet certain criteria related to obesity and weight.
Drew Carey is never quitting 'The Price Is Right'
Drew Carey took over as host of 'The Price Is Right' and hopes he’s there for life. 'I'm not going anywhere,' he told 'Entertainment Tonight' of the job he took over from longtime host Bob Barker in 2007.