Majority of US owners of Canadian real estate bought after the ban

TORONTO-

A new report from Royal LePage shows that 75% of US citizens living in border towns and owning recreational properties in Canada made their purchase after the federal government announced its upcoming ban on foreign buyers.

The two-year ban will apply to non-Canadian citizens and non-permanent residents and is expected to come into effect on January 1.

Among US citizens who purchased Canadian recreational properties following the announcement, 77% say they were prompted to buy before the end of this year because of the potential impacts of the ban.

While vacation homes should be exempt from the ban, Royal LePage says the survey of 1,506 US citizens shows the measure had a « significant » impact on some purchase intentions.

About 70% of those surveyed between Nov. 8 and Nov. 14 say they or their spouse have Canadian citizenship and at least 43% owned recreational property in Ontario.

Approximately 40% own recreational property in Quebec, 35% in Atlantic Canada, 32% in British Columbia, 17% in Alberta and 16% in Saskatchewan and Manitoba.

This report from The Canadian Press was first published on November 29, 2022.