75 per cent of U.S. owners of Cdn. rec properties bought after foreign buyer ban: survey
75 per cent of U.S. owners of Cdn. rec properties bought after foreign buyer ban: survey
A sold sign is shown in a housing development in Beckwith, Ont., on Wednesday, Jan. 11, 2018. THE CANADIAN PRESS/Sean Kilpatrick
TORONTO -
A new report from Royal LePage shows 75 per cent of U.S. citizens living in border towns and owning recreational properties in Canada made their purchase after the federal government announced its forthcoming foreign buyer ban.
The two-year ban will apply to non-Canadian citizens and non-permanent residents and is expected to come into effect on Jan. 1.
Of those U.S. citizens who purchased Canadian recreational properties following the announcement, 77 per cent say they were influenced to buy before the end of this year because of the potential impacts of the ban.
While vacation homes are expected to be exempt from the ban, Royal LePage says the survey of 1,506 U.S. citizens shows the measure has had a "significant" impact on some buying intentions.
Roughly 70 per cent of those surveyed between Nov. 8 and 14 say they or their spouse has Canadian citizenship and at least 43 per cent owned a recreational property in Ontario.
About 40 per cent own a recreational 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 published Nov. 29, 2022.
Many Canadians have continued to see an increase in their rental rates in 2023. In an column on CTVNews.ca, personal finance contributor Christopher Liew explains how to calculate how much rent you can afford.
Canadians now believe they need $1.7 million in savings in order to retire, a 20 per cent increase from 2020, according to a new BMO survey. The eye-watering figure is the largest sum since BMO first started surveying Canadians about their retirement expectations 13 years ago.
With the spring break travel season approaching, those looking to flee the cold, wet Canadian snow for sunnier skies will likely be met with a hefty price tag for their getaway, with inflation and increased demand pushing costs up.
When selling a home, Canadians may be exempted from paying capital gains tax on a residential property -- if it's their principal residence. On CTVNews.ca, personal finance contributor Christopher Liew explains what's determined as a principal residence, and what properties are eligible for the exemption.
The Bank of Canada hiked its key interest rate by a quarter of a percentage point Wednesday, bringing it to 4.5 per cent. Here's a look at what the rate means, how analysts are interpreting it and what it could mean for consumers.
The federal government's latest TFSA contribution limit increase took effect as of January 1, 2023. Personal finance contributor Christopher Liew outlines how the government’s most recent TFSA contribution limit increase affects you and how to make the most of it.
Finding an affordable place to live in the territories, where housing has long been a challenge, is getting even harder, the Canada Mortgage and Housing Corporation suggested in a report released in December. In Yellowknife, the report said, the growing senior population, urbanization and strong labour market has pressured the housing supply.
Canada is suffering from a severe skills shortage in several key sectors, experts say, thanks to factors that include deficiencies in our education system as well as changing demographics. CTVNews.ca looks at some of the skills that will be most in-demand in 2023.
A sold sign is shown in a housing development in Beckwith, Ont., on Wednesday, Jan. 11, 2018. THE CANADIAN PRESS/Sean Kilpatrick
