Leadership with the Thunder Bay Real Estate Board is concerned over the harm that could be caused in the Northwest over the federal government’s two year ban on foreign home buyers.
The federal government says the ban was put in place to make homes more affordable by preventing foreign buyers from buying homes to use as an investment property.
There are some exceptions but Thunder Bay Real Estate Board President Karen Hill is worried in a region that need immigration people will be forced to rent.
“We have a lot of international students here that we hope when they graduate they will become residents of Thunder Bay. We fearing it will create more renters and less homeowners here.”
Based off of numbers provided by the federal government the ban would only apply to communities with populations like Thunder Bay and Kenora here in the Northwest.
Hill adds as a result of the ban there are now issues to find homes for those looking, and while for some the ban may seem short term. In the world of real estate time behaves a little differently.
“Two years is a long time, it can have a lot of effect on a lot of people. For myself I know I do have international students where their parents were going to help them buy, and now they’re not able to.”
Anyone who violates the ban can be fine up to 10 thousand dollars and may be required to sell the property they purchased, fines can also be levied upon those who knowingly assist a non-Canadian with a purchase.