Understanding the Foreign Buyers Ban – and Where It Doesn’t Apply

Since January 1, 2023, Canada has had a Foreign Buyers Ban in place, restricting non-Canadians from purchasing certain types of residential property. The goal of this legislation is to help keep housing more accessible and affordable for Canadians.

However, not all areas are affected. There are important exemptions that may surprise many buyers and sellers, especially here on Vancouver Island.

What is a Census Metropolitan Area (CMA)?

The Foreign Buyers Ban applies to properties located within a Census Metropolitan Area (CMA) or a Census Agglomeration (CA), as defined by Statistics Canada.

A CMA is:

• An area with an urban core population of at least 100,000 people.
• Surrounding municipalities that are highly integrated (through commuting patterns) with that urban core.
  

A CMA is not the same as a region, district, or even a “greater area” in real estate terms. It’s strictly a statistical boundary set by the federal government for demographic and economic tracking.

For example, while the “Greater Nanaimo” region might be considered locally as including nearby towns, the official CMA boundary is drawn in a much more specific way.

Where the Ban Applies on Vancouver Island

On Vancouver Island, the Foreign Buyers Ban applies in:

• Nanaimo CMA 
• Parksville/Qualicum Beach
• Courtenay CMA (Courtenay, Comox, and Cumberland area)
• Campbell River CMA
• Port Alberni CMA

Where the Ban Does Not Apply

Many areas outside these CMAs are exempt from the Foreign Buyers Ban, meaning non-Canadians can purchase property there.

For example:

• Oceanside rural areas – many surrounding smaller communities fall outside the CMA boundary.
  
• Black Creek and Merville – rural communities between Courtenay and Campbell River, outside of Courtenay CMA.
  
• Bowser, Qualicum Bay
• Ucluelet, Tofino

Why This Matters

For buyers, this distinction is critical: a non-Canadian looking to invest, retire, or relocate may still have options along the Island, provided the property is outside CMA boundaries.

For sellers, it’s equally important: if your property is outside a CMA, your potential buyer pool is larger, since it can include international purchasers.

Are you interested in buying or selling a property and wondering if it is affected by the Foreign Buyers Ban? 

Insert your address here and find out

https://cmhc.maps.arcgis.com/apps/instant/lookup/index.html?appid=84481a24c11e46108b6c34602e707b0d

Thinking of selling your home this fall in Campbell River, Courtenay, Comox, or Cumberland? Discover why autumn is a great time to sell, signs it’s time to move, and tips to prepare your home for today’s market.

As the leaves begin to change and the air turns crisp, fall offers homeowners a unique opportunity to reflect on their housing needs. Whether you’re in Campbell River, Courtenay, Cumberland, or Comox, the autumn season can be one of the best times to prepare your home for the market. But how do you know if it’s the right time to sell?

Why Fall Can Be A Great Time to Sell

Motivated Buyers: Many buyers want to settle into a new home before the holidays and the new year.

Less Competition: With fewer homes on the market compared to spring, your property can stand out.

Beautiful Curb Appeal: Autumn colours and cozy décor can make your home feel warm and inviting.

Signs It Might Be Time to Sell

Your Home No Longer Fits Your Needs

 If your family has grown (or downsized), your current space may not serve you well anymore.

You’re Ready for a Change in Lifestyle

Many homeowners from outside Vancouver Island are trading city life for more rural life in Black Creek, Merville and Fanny Bay and many locals are trading rural properties for something closer to town, amenities, and community life in Cumberland, Courtenay and Comox.

Your Property Requires More Upkeep Than You’d Like 

Large yards and maintenance-heavy homes can feel overwhelming as the seasons change.

You Want to Take Advantage of the Market

The Campbell River and Comox Valley real estate markets remain active, with opportunities to get strong value for your home.

Tips for Preparing Your Home This Fall

Boost Curb Appeal: Rake leaves, clean gutters, and add seasonal touches like planters with mums or pumpkins.

Light It Up: Shorter days mean less natural light—be sure your home feels bright and welcoming.

Keep it Cozy: Stage with warm throws, autumn-inspired décor.

Handle Maintenance Now: Fix leaky faucets, service your furnace, and ensure windows and doors are well-sealed for the cooler months.

Local Insights

In Campbell River, family upsizers are especially active—larger homes with functional layouts are in demand.

In Courtenay and Comox, downsizers are seeking townhomes, condos, and single-level living close to amenities.

In Cumberland, homes with suites and walkable locations are attracting younger buyers looking for lifestyle and community.

Final Thoughts

Selling your home is a big decision, and the fall season might just give you the perfect window of opportunity. If you’ve been asking yourself, “Is it time to sell?” Now is the moment to explore your options.

If you’re considering selling your home in Campbell River, Courtenay, Cumberland, or Comox, I’d be happy to provide a personalized market evaluation and a step-by-step plan to help you prepare for a successful sale.

👉 Let’s talk about your next move this fall. Book an appointment with Catherine easily on Calendly. https://calendly.com/catherine-worthy-realtor or scan the code below

Introduction

Welcome to the Comox Valley! This stunning region on Vancouver Island, encompassing the charming communities of Cumberland, Courtenay, and Comox, offers a unique blend of natural beauty, vibrant culture, and a welcoming atmosphere. If you're considering making the Comox Valley your new home, especially as a first-time homebuyer, you're in for an exciting journey. However, navigating a new real estate market can be daunting. This guide is designed to equip newcomers with essential tips to confidently purchase their first home in Cumberland, Courtenay, or Comox.

1. Understand the Comox Valley Real Estate Landscape

The Comox Valley real estate market is diverse, with each community offering its own unique charm and housing opportunities. Whether you're looking at Cumberland homes, known for their historic character and proximity to outdoor adventures, Courtenay properties, which offer a more urban feel with diverse housing options and amenities, or Comox housing market, celebrated for its coastal living and family-friendly neighborhoods, understanding the local nuances is crucial. Research average home prices, current inventory levels, and recent sales trends in each area to get a realistic picture of what to expect. This will help you set a realistic budget and narrow down your search.

2. Secure Your Financing Early: Mortgage Pre-Approval

Before you even start house hunting in the Comox Valley, getting pre-approved for a mortgage is paramount. This step not only gives you a clear understanding of your budget but also signals to sellers that you are a serious and qualified buyer. Lenders will assess your financial situation, including income, debts, and credit history, to determine how much you can borrow. Having a pre-approval in hand can give you a significant advantage in a competitive market, especially when making an offer on a desirable Cumberland, Courtenay, or Comox home.

3. Partner with a Knowledgeable Local Real Estate Agent

Navigating the Comox Valley real estate market, particularly as a newcomer, is significantly easier with an experienced local real estate agent by your side. A good agent will have in-depth knowledge of Cumberland, Courtenay, and Comox neighborhoods, market trends, and local regulations. Hiring a Realtor who actually lives and works in the Valley gives you an edge.
We understand: Micro-market pricing Local zoning and development permits Community quirks that affect property values (e.g., river flood zones, rural septic restrictions) Partnering with a Cumberland Realtor, Courtenay expert, or Campbell River professional gives you insight you won’t find online.
Work With Local Real Estate Experts.

4. Explore Neighborhoods Beyond Online Listings

While online listings provide a great starting point, truly understanding a neighborhood requires boots on the ground. Spend time exploring Cumberland, Courtenay, and Comox in person. Drive through different areas at various times of day, visit local parks, schools, and amenities. Consider factors like commute times, proximity to services, and the overall community vibe. For instance, Cumberland offers a vibrant, outdoorsy lifestyle, while Courtenay provides a more urban setting with diverse shopping and dining. Comox boasts beautiful waterfront views and a relaxed, family-friendly atmosphere. This firsthand experience will help you determine which community best aligns with your lifestyle and needs.

5. Factor in All Costs: Beyond the Purchase Price

First-time homebuyers often focus solely on the mortgage, but there are many other costs associated with purchasing a home. In the Comox Valley, these can include property transfer tax (though first-time buyers may be exempt or receive reductions), legal fees, home inspection costs, appraisal fees, and property taxes. Don't forget about potential renovation or repair costs, and ongoing utility and maintenance expenses. Budgeting for these additional expenditures is crucial for a smooth and stress-free homeownership experience in Cumberland, Courtenay, or Comox.

6. Don't Skip the Home Inspection

A home inspection is a critical step that can save you from unforeseen issues and costly repairs down the line. Even if a property in Cumberland, Courtenay, or Comox appears to be in perfect condition, a professional inspector can identify potential problems with the structure, electrical, plumbing, roofing, and other systems. This information empowers you to make an informed decision, negotiate repairs, or even walk away from a deal if significant issues are discovered. It's a small investment that provides immense peace of mind.

7. Be Patient and Persistent

The homebuying process can be lengthy and challenging, especially for first-time buyers in a new area like the Comox Valley. There might be multiple offers, bidding wars, or unexpected hurdles. It's essential to remain patient, persistent, and flexible. Don't get discouraged if your first offer isn't accepted. With a clear understanding of your needs, a solid financial plan, and the right team of professionals, you will eventually find your perfect home in Cumberland, Courtenay, or Comox.

Conclusion

Buying your first home in the Comox Valley is a significant milestone. By understanding the local market, securing your finances, working with local experts, exploring neighborhoods thoroughly, budgeting for all costs, prioritizing home inspections, and maintaining patience, you can navigate the process successfully. Welcome home to Cumberland, Courtenay, or Comox – your new adventure awaits!

Under the Residential Tenancy Act, a landlord can end a tenancy for personal or caretaker use. There are new rules as to how it can be done. As of July 18, 2024 according to the BC Real Estate Association's July 4 news release:

1. Mandatory Use by Landlords of New Web Portal: Landlords must use this portal to generate Notices to End Tenancy for personal or caretaker use. Landlords using the website portal will be required to have a Basic BCeID to access the site. The portal will require landlords to provide details about the persons moving into the home. The details of the new occupant of the home will be shared with the tenant. While using the website portal, landlords will be given information about the required conditions for ending a tenancy and the penalties associated with ending the tenancy in bad faith. They will also be informed about the amount of compensation they will be required to issue to tenants when ending a tenancy.
2. Extended Notice Period: The Two-Month Notice is changing to a Four-Month Notice on July 18,2024. Tenants will have 30 days to dispute Notices to End Tenancy, extended from 15 days.
3. Occupancy Requirements: The individual moving into the property must occupy it for at least 12 months. Landlords found to be ending a tenancy in bad faith could be ordered to pay the displaced tenant 12 months’ rent.

This is a change that I am happy to see.

In the past the Provincial Government introduced the concept of The Depreciation Report. The Depreciation Report is an indepth look at a strata building and provides insight into repairs and replacements of parts of a strata so that proper budgeting could be done to cover these costs and avoid large special assessments for deferred maintenance.  The problem is that the reports are costly, they were supposed to happen every 3 years but could be waived by the strata with a ¾ vote.

New Rules, effective July 2024 

• Depreciation reports cannot be waived
• Depreciation reports are required every 5 years
• Depreciation reports must be done by a professional who is certified to do Depreciation Reports

Why is this good? Firstly, when buying into a strata complex it is good to know what the next “Big” repairs are going to be, whether it is roof, plumbing, windows, etc.  Secondly, it makes the strata accountable to be proactive in their maintenance, thirdly, banks and mortgage finance companies like knowing the property they are lending money on is being maintained and finally, you get a pretty in depth look into the construction of your property. Knowledge is the key to being prepared for future fixes.

There is not one real estate market in Canada, in the Province or even in your town. The news headlines might lead you to believe that everyone is in the same boat, the reality is... we're not.

“Housing Market Bounces Back”

“Majority of Aspiring Home Owners Awaiting Rate Drops”

The headlines are many, but often they are only regionally applicable.

The fact is that the government is trying to play 25 years of catch up in 7 years with a promise to build 4 million homes by 2031. To put this in perspective, that is 1528 homes per day for 7 years straight, 7 days per week. All at record high interest rates.

There is a Canada Builds initiative to help build affordable housing for the middle class on underutilised public land across the country. But not all of the country is rich with public land.

Here is the reality on Vancouver Island, particularly from Victoria to Courtenay. Many years ago a crappy deal was made with coal baron Robert Dunsmuir, trading millions of acres of land in exchange for a railway. Consequently, we don’t have the luxury of crown land to take advantage of these public land initiatives, most of the land is privately owned. We have been railroaded.  

So, if you are listening to the news, or speaking with your brother in Ontario, your sister in Alberta and your Mom in Manitoba, our story and subsequently our real estate market is different. Different forces have affected it in the past and will continue to alter it into the future.

That’s the macro level reality.

Micro level on Vancouver Island, if a house is well priced and in great condition it is going to sell. However, if a house is overpriced or needs work, those houses are not selling. Why? Because at these interest rates people are stretching as much as they can just to get the house. Buyers don’t have the luxury of sinking an extra 50K into redoing floors, roofs, windows or whatever needs to be done. 

The market is still very busy, with multiple offers coming in on well-priced homes. For Buyers,  financing is tougher currently, with lenders being extremely diligent (aka difficult) so it is important to have a full pre-approval done by your mortgage broker prior to looking at homes. This includes down payment, income and debt verification. Any changes in your situation need to be relayed to your mortgage broker so they can update your application. 

Sellers, there is still a lack of inventory, so you will get people coming through your house. If people come through, over and over, but don’t buy, it’s likely a combination of being over priced and/or work needs to be done on the home. Buyers are well researched, they know their home prices and renovation prices. Buyers are unable/unwilling to take the same risks when interest rates are at 6% versus when interest rates were at 3%. There is just not the same type of wiggle room or fallback money.

Entry-level houses are selling well. Condos and townhouses that allow pets are selling well. Beautiful high end homes are selling well. Down-sizing homes are selling well. The market is active, but it is just not one real estate market, no matter what the news may lead us to believe.

There are some great changes coming for transactions closing after April 1, 2024 for First Time Home Buyers. Let’s start with a definition of a First Time Home Buyer for this particular program, as the definition is different if you are accessing a Provincial or Federal Program. This is a Provincial program, so a First Time Home Buyer is someone who has NEVER owned a property, anywhere in the world before. If more than one person is buying the home and only one of you has previously been a home owner, you want to speak to your lawyer/notary as you can still take advantage of the program, although not to its fullest extent.

Here are the nuts and bolts of the old program and the new program:
Currently, when you purchase a property in BC everyone pays a property transfer tax of 1% on the first 200,000, 2% between $200,000 and $2,000,000 and 3% and higher above $2,000,000.

The current program allows a First Time Home Buyer (FTHB) to be exempt from this tax for purchases up to $500,000. You can immediately see the problem with this program as it now stands. It is very hard to find anything under $500,000.
The new program, starting April 1, 2024, allows the FTHB to purchase a home up to $835,000 and still claim the exemption up to $500,000.  This will be a savings of up to $8,000 and get more FTHB into condos, houses and townhouses.

If you are one of the many people who are a FTHB, have the down payment saved but can’t find anything under $500,000, you can now go up to $835,000 and receive the tax exemption on part of the purchase. We can help you figure out your new down payment, get you reapproved and see what you can now qualify for to get into a home!  Yay, this is a good program!

Another fantastic change to the Property Transfer Tax is the elimination of the tax on new construction houses, townhouses and apartments up to $1,100,000 from the original $750,000. 

This is a great change. New construction has GST added to the purchase price which is already a large extra expense, so not having to pay the property transfer tax is a great incentive to look at buying or building a new house.

What I personally really like about this new change is that GST can be added to the purchase price and included in the mortgage but property transfer tax is paid out of your pocket at the lawyer. For you, this means that you don’t have to have as much cash on hand to purchase a new build as long as you have the down payment and can qualify for the mortgage amount required. 

Here is an example:
$900,000 purchase price plus GST of $45,000 for a total purchase price of $945,000
Down payment is 5% on first $500,000 and 10% on remaining $445,000 = $69,500
Savings in Property transfer tax = $16,000

I often find the government's incentives to get into housing to be too little, too late, too complicated or just plain stupid. This time I actually agree with these changes and feel they are timely, reasonable and will be utilised.