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
DEVELOPING Slovakia's populist prime minister shot in assassination attempt, shocking Europe before elections
Slovakia's populist prime minister, Robert Fico, was shot multiple times and gravely wounded Wednesday after a political event in an attempted assassination that shocked the small country and reverberated across Europe.
Transport Canada's UFO 'lead' planned to meet with U.S. intel officials, called info requests a 'wild goose chase'
Canada's transportation department had a UFO 'lead' who tried to 'quell' media interest and planned to meet with U.S. intelligence officials.
'Very expensive lunch': Sask. driver handed a cell phone ticket for using points app in McDonald's drive-thru
A warning from a Saskatoon driver about using your fast-food app while in the drive-thru line — a trip to get some free lunch cost him a lot more than he bargained for.
'The Fly' has become notorious in France after a brazen escape. What's his criminal history?
A prisoner nicknamed “The Fly” has become notorious in France overnight after a daring and bloody escape from a prison convoy in Normandy that left two guards dead.
Ontario's 'Crypto King' Aiden Pleterski arrested
Aiden Pleterski, the self-proclaimed 'crypto king' from Whitby, Ont., has been arrested in Durham Region after allegedly running a Ponzi scheme worth more than $40 million.
Barge hits a bridge in Texas, damaging the structure and causing an oil spill
A barge slammed into a bridge pillar in Galveston, Texas, on Wednesday, spilling oil into surrounding waters and closing the only road to a smaller and separate island that is home to a university, officials said. There were no immediate reports of injuries.
Person responsible for 1996 drugging of 'Titanic' crew likely not a local: Halifax police
Halifax Regional Police believe a non-resident could be responsible for the infamous drugging of numerous crew members of the 'Titanic' movie with a hallucinogenic in 1996.
Latest updates on the biggest wildfires burning in Canada
Thousands of people in Western Canada remain displaced from their homes as wildfires threaten their communities, triggering evacuation orders and alerts.
OPINION If you think you can’t focus for long, you’re right: Sandee LaMotte
Regaining your focus requires you to be mindful of how you are using technology -- a daunting task if you consider the average American spends at least 10 hours a day on screens.