2023 is going to be full of change in the Real Estate industry as we have two major introductions that will change the landscape. With the introduction of the Foreign Buyer Ban and the Cooling Off Period, it remains to be seen if these measures will help alleviate the pain felt by Buyers in a hot market. There’s only one problem - there isn’t a hot market to test these on and with the amount redundancy's that have been written into the new policy’s we feel it’ll create more pain and confusion than anything else. 

The Foreign Buyer Ban is a very controversial policy as the Government intends to exclude all foreigners for a period of 2 years from buying any real estate in Canada. And yet in the same breath the Government has increased our immigration targets by substantial margins to replace the aging workforce and declining birthrate in Canada (hello rental wars - just when you thought rent was expensive enough). Last week we discussed that by 2032, most of Canada’s labor force will be foreign workers, and yet the very people who we need to work inside of our economy, who pay Canadian taxes, will not be allowed to buy Canadian Real Estate. Xenophobia is alive and well in Canadian politics. 

With all these changes coming compounded by a slowing marketplace there will be more hurt with further interest rate hikes expected in the new year. With that being said, it’s likely we will see these rate hikes slow to some degree and hopefully lessen in their size. However, there will be a number of opportunities that will come out of all of these changes and if you listen until the end of today’s episode, you’ll see exactly what some of these look like and when you could expect to see them.

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Dan Wurtele, PREC, REIA

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Ryan Dash PREC

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www.thevancouverlife.com