75 per cent of U.S. owners of Cdn. rec properties bought after foreign buyer ban: survey

TORONTO –

A brand new report from Royal LePage exhibits 75 per cent of U.S. residents residing in border cities and proudly owning leisure properties in Canada made their buy after the federal authorities introduced its forthcoming overseas purchaser ban.

The two-year ban will apply to non-Canadian residents and non-permanent residents and is predicted to return into impact on Jan. 1.

Of these U.S. residents who bought Canadian leisure properties following the announcement, 77 per cent say they had been influenced to purchase earlier than the tip of this yr due to the potential impacts of the ban.

While trip properties are anticipated to be exempt from the ban, Royal LePage says the survey of 1,506 U.S. residents exhibits the measure has had a “significant” impression on some shopping for intentions.

Roughly 70 per cent of these surveyed between Nov. 8 and 14 say they or their partner has Canadian citizenship and at the very least 43 per cent owned a leisure property in Ontario.

About 40 per cent personal a leisure 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.

This report by The Canadian Press was first printed Nov. 29, 2022.