Quick answer: Yes. As of today, November 10, 2026, Canada’s foreign buyer ban is still in effect, and most non-Canadians still can’t buy a home in Metro Vancouver. The law as it’s written today ends the ban on January 1, 2027. But in the federal budget tabled on November 5, 2026, Ottawa proposed extending the ban on existing homes for two more years, to January 1, 2029, while exempting new residential properties. That’s a proposal, not law yet. And whatever happens federally, BC’s 20% additional property transfer tax for foreign buyers in Metro Vancouver hasn’t changed.
Talk about timing. I had this refresh on my calendar for weeks, planning to write a tidy “here’s what happens when the ban expires” post. Then the budget landed and flipped the whole thing on its head. So pour yourself something warm (it’s dark by 5 o’clock now, we’ve earned it), and let’s sort out what’s real today, what’s only proposed, and what it means if you’re buying, selling or just curious.
What Is the Foreign Buyer Ban, in Plain English?
The official name is the Prohibition on the Purchase of Residential Property by Non-Canadians Act. Catchy, right? It took effect on January 1, 2023. Back then I wrote about the new federal foreign buyer ban when it was supposed to last two years. In February 2024, the government extended it to January 1, 2027.
Here’s how it works:
Who it applies to: “Non-Canadians.” That means anyone who isn’t a Canadian citizen, a permanent resident, or a person registered under the Indian Act. It also covers corporations controlled by non-Canadians.
What it covers: Residential buildings with three dwelling units or fewer, plus condos, townhouses, semi-detached homes and rowhouses.
Where it applies: Census metropolitan areas and census agglomerations. Locally, that includes all of Metro Vancouver.
The penalty: A fine of up to $10,000 for the buyer (and anyone who knowingly helps them), and a court can order the property sold.
One update from my 2022 post: when the ban first started, a Canadian company counted as “non-Canadian” if a non-Canadian held just 3% of it. The 2023 amendments raised that to 10% or more of the equity or voting rights, or control in fact. Small change, big difference for families who co-own companies.
Who Can Still Buy a Home in Vancouver Under the Ban?
Canadian citizens and permanent residents are never affected. If you have your PR card, the ban doesn’t touch you. Beyond that, there are exceptions for non-Canadians. The main ones:
Work permit holders with at least 183 days left on their permit on the purchase date, who don’t already own a home here. One property only.
International students who’ve filed Canadian taxes for each of the past 5 years, were physically in Canada at least 244 days in each of those years, and are buying for $500,000 or less. One property only. (In Vancouver, $500,000 is a pretty short shopping list.)
Spouses or common-law partners buying together with a Canadian citizen, permanent resident or other exempt person.
Protected persons and certain refugee claimants, diplomats, and people given temporary status to flee a conflict.
Buyer beware: these exceptions are detailed and very easy to get wrong. If you’re not a citizen or PR, talk to a real estate lawyer before you write an offer, not after.
What Did Budget 2026 Change?
Two big things were proposed on November 5:
Extend the ban on existing homes to January 1, 2029. Resale condos, townhouses and houses would stay off limits to most non-Canadians for two more years.
Exempt new residential properties. In the government’s words, the goal is to keep “the vast majority of the market available for Canadians” while encouraging investment in new supply. Australia uses a similar model, limiting its ban to established homes.
Here’s the catch: none of this is law yet. The government still has to introduce legislation and regulations. The budget doesn’t define “new residential property” (Is it a presale? A brand new completed unit? An assignment?), and it doesn’t give a start date. Until a bill passes, the law on the books still says the ban ends January 1, 2027.
So if anyone tells you “foreigners can buy presales now,” gently correct them. Not yet, and we don’t know the details.
Who Supports the New Build Exemption, and Who Has Concerns?
You’ll hear both sides on this one, so here’s a fair summary.
Supporters, including many in the development industry, say foreign capital can help presale projects hit the sales targets lenders require before construction financing kicks in. More presales sold means more cranes in the air and more homes built.
Others worry that opening new homes to foreign buyers could add competition for the same units Canadian first-time buyers want, especially in a city where supply is tight.
Both points come up in nearly every conversation I’ve had about it this week. Where it lands will depend on the final wording, so I’m watching for the bill.
Do Foreign Buyers Still Pay BC’s 20% Tax?
Yes. This is the part people forget. Even if the federal ban changes, BC’s additional property transfer tax still applies. It’s 20% of a foreign national’s share of a residential property in Metro Vancouver, the Fraser Valley, the Capital Regional District, the Central Okanagan and the Nanaimo Regional District. That’s on top of regular property transfer tax.
Let’s run a hypothetical. Say a foreign buyer purchases a brand new $900,000 condo after the exemption becomes law:
5% GST: $45,000
Regular BC property transfer tax: $16,000
20% additional property transfer tax: $180,000
Total: about $241,000 in taxes
A Canadian first-time buyer on that same new condo could pay $0 of those taxes, thanks to the federal first-time buyer GST rebate (full rebate on new homes up to $1 million) and BC’s newly built home exemption (full property transfer tax exemption up to $1.1 million for citizens and PRs). If you want the full picture of what you’ll pay on completion day, my post on closing costs for buyers in BC walks through it (just note some rates and exemptions have changed since I wrote it).
What Other Taxes Hit Foreign Owners in Vancouver?
A quick rundown, as of today:
BC Speculation and Vacancy Tax: For the 2026 tax year, the rate is 3% of assessed value for foreign owners and untaxed worldwide earners. For Canadian citizens and PRs, it’s 1% for 2026, though most people living in their own home qualify for an exemption. This tax may change in 2027 with the newly elected conservative government.
Federal Underused Housing Tax: Repealed. Bill C-15 received royal assent on March 26, 2026, ending the tax for 2025 and later years. Heads up: it’s not retroactive, so 2022 to 2024 filings still matter.
What Does This Mean If You’re Buying or Selling in Vancouver?
If you’re a Canadian buyer: Not much changes for resale homes. If you’re shopping presales, keep an eye on how the exemption is written. My guide on what to consider when buying a presale condo is a good place to start.
If you’re on a work permit or student visa: Check whether you qualify for an exception today. Don’t wait on a bill that hasn’t been written.
If you’re a seller: The resale market stays mostly closed to non-Canadian buyers.
Policy changes can feel like a moving target, but my job is to keep you up to date so you can make good decisions with confidence. If you’re not sure where you stand, whether you’re on a work permit, buying with a partner, or just want to know what this means for your building, call or text me. Happy to walk you through it.
Written as of November 10, 2026.
This blog is for informational purposes only and should not be relied upon for legal, investment, mortgage or other advice. It is not intended to cause or induce breach of an existing agency agreement. All information provided is deemed reliable but is not guaranteed and should be independently verified.
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