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
Winnipeg man admits to killing four women, argues he's not criminally responsible
Defence lawyers of Jeremy Skibicki have admitted in court the accused killed four Indigenous women, but argues he is not criminally responsible for the deaths by way of mental disorder – this latest development has triggered a judge-alone trial rather than a jury trial.
Man banned from owning animals after fatal Calgary dog attack
The owner of three Calgary dogs that got loose and mauled a woman to death in 2022 has been ordered to pay a $15,000 fine within one year and banned from owning any animal for 15 years.
Mediterranean staple may lower your risk of death from dementia, study finds
A daily spoonful of olive oil could lower your risk of dying from dementia, according to a new study by Harvard scientists.
DEVELOPING Hamas accepts Gaza ceasefire proposal from Egypt and Qatar
Hamas said it has accepted a ceasefire deal proposed by Egypt and Qatar which seeks to halt the seven-month war with Israel in Gaza.
NDP calls out Conservatives for effort to quash pharmacare legislation
The federal New Democrats are calling out Conservative Leader Pierre Poilievre and his party for trying to block the bill that could pave the way for millions of Canadians to access birth control and diabetes coverage.
An El Nino-less summer is coming. Here's what that could mean for Canada
As Canadians brace themselves for summer temperatures, forecasters say a weakening El Nino cycle doesn’t mean relief from the heat.
Manitoba Court of Appeal dismisses Peter Nygard's appeal of extradition order
The Manitoba Court of Appeal has dismissed Peter Nygard's application for a judicial review of an order to extradite the former fashion mogul to the United States, where he faces sex trafficking and racketeering charges.
For the first time, researchers have identified a genetic form of late-in-life Alzheimer's disease
For the first time, researchers have identified a genetic form of late-in-life Alzheimer’s disease — in people who inherit two copies of a worrisome gene.
B.C. court date set for 3 accused of murdering Sikh activist Hardeep Singh Nijjar
Three suspects accused of murdering British Columbia Sikh activist Hardeep Singh Nijjar last year are scheduled to appear in court in Surrey on Tuesday.