The ban could impact a range of residential and commercial real estate transactions and make it harder to get new housing supply online From alicjawithaj
Read full articleThe federal government's foreign buyer ban aimed at making housing more affordable for Canadians is creating uncertainty for real estate developers, forcing some to put projects on hold.
But real estate experts say the broad scope of the regulations within the legislation has created unintended consequences that could impact a range of residential and commercial real estate transactions and make it more difficult to get new housing supply online. Under the Act, residential property is not limited to homes, townhomes and condominiums, but also includes any land that does not contain any habitable dwelling that is zoned for residential or mixed use and is within a census metropolitan area. That means commercial real estate transactions could be impacted by the legislation. CIBC deputy chief economist Benjamin Tal noted in a report last week that "the entire area of downtown Toronto falls under that category.
Lee says the legislation makes the government's goal of improving housing affordability more difficult and hampers developers' ability to increase supply at a time when it is most needed. He notes that it's particularly difficult for condo and purpose-built rental projects, which require significant capital for construction.
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