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PLUS exemptions in Canada's foreign buyer ban
Canada’s Foreign Buyer Ban
Countries like Switzerland, Australia, Mexico, and now Canada all have some version of a foreign buyers ban that limits who can buy what type of property in their country. What effect, if any, does that foreign buyers ban have on BC’s Sunshine Coast?
Geographically, the majority of Canada is exempt from the foreign buyers ban. The ban targets densely populated centre like Vancouver, Calgary, Toronto, etc…
Because of our low population, the Lower Sunshine Coast is exempt from the foreign buyer ban. Between Port Mellon and Egmont, foreign buyers can buy and own residential real estate without limitation. However, the Upper Sunshine Coast – places like Powell River and the qathet Regional District – are affected by the ban. So is Bowen Island.
Once Realtors and foreign buyers realize the Lower Sunshine Coast is exempt from the foreign buyer ban, we may see money that’s typically earmarked for Vancouver real estate sloshing over to our local market. If that happens in any kind of volume, it has the potential to offset the current reduction in Sunshine Coast real estate values.
Realistically, the foreign buyers ban will have little to no impact on our market. But call me with concerns you have about the Lower Sunshine Coast’s foreign buyers ban exemption. 604-418-2695
What is title fraud?
Generally, criminals steal a homeowner’s identity and either sell the home while the actual owners are away, or put a mortgage on the property and keep that money for themselves. The real owners return after a prolonged absence and find strangers living in their home.
Although there was a rash of stories about Torontonians that had their homes stolen out from under them, title fraud is actually quite rare. BC specifically has one of the best land title systems in the world and that does a lot to limit this type of fraud.
How to protect against title fraud?
Most title fraud starts with identification theft so do everything you can to protect your identity. Shred personal documents instead of recycling them. Use strong passwords for all your online accounts. Don’t give out personal information (including credit card details) over the phone unless you 100% know and trust the person on the other end of the call. If your credit card company calls you with concerns, hang up and call the number on the bank of your credit card to ensure you’re really talking to the lender.
Placing a charge on title
Your title is a document registered with the province that proves you own your property. When you get a mortgage, typically the bank adds a note (AKA - a charge) to the title, stating that the bank has a financial interest in the property.
When criminal sees a charge on title, they may decide to look for another property to maximize their profits. If your home is mortgage free, you may want to talk to your mortgage broker about a home equity line-of-credit (HELOC) as that’s typically also secured with a charge on title.
Duplicate Indefeasible Title
In BC, homeowners can take out a Duplicate Indefeasible Title. This is a hard copy of your title that you keep in a safe place. When you have this hard copy, your home’s title is essentially frozen in place which means no one can sell your home without returning the physical Duplicate Indefeasible Title to the Land Transfer Office. If you go this route, you should keep that title in a safe place, like a safe deposit box.
Consult with an attorney that specializes in BC real estate if you decide to go this route. If you take out a Duplicate Indefeasible Title and misplace it, selling your home becomes more complicated.
Call me with questions about title fraud or if you need a referral to a Sunshine Coast real estate lawyer. 604-418-2695.
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FOR SALE: 2 526 South Fletcher Road, Gibsons, BC - $969,000
Located in the heart of Lower Gibsons, this is the Sunshine Coast getaway you’ve been looking for! An entertainers delight with new kitchen, this 2-bedroom (plus den), 2-bathroom strata unit provides lots of windows, and a big sundeck with fabulous ocean and island views.
The living room boasts high ceilings and a gas fireplace. Two sliding glass doors open to the aforementioned deck and let in those incredible views. The primary bedroom has a walk-in closet and its own renovated ensuite, including a soaker tub and a separate shower. There’s also a private, attached two-car garage and over 570 sqft of in suite storage!
This single level home offers the views, privacy, and finishes of comparable new units for hundreds of thousands less.
Huge value here, and quick possession is available. Call me today to request your info pack. 604-418-2695
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FOR SALE: 833 Byng Road, Roberts Creek, BC - $1,499,000
Sitting on 2.7 private acres and surrounded by trees, this is the ultimate Roberts Creek hobby farm! The 3-bedroom, 2-bathroom farmhouse has seen tons of recent upgrades, including a renovated 3-piece ensuite off the master bedroom. All interior walls and trim have been painted, and there’s a brand new infrared sauna on the lower level.
Outside, you’ll find a mini-orchard full of apple, plum, and apricot trees, just to name a few. The south end of the yard has a second access to Byng Road. Here you’ll find a pond and four in-demand camping spots that could generate additional income during the Sunshine Coast’s busy summer tourist season. Nearby Gulf Road beach access is a 4-minute drive from home.
If you’re dreaming of an acreage in Roberts Creek, 833 Byng Road is for you! Call today and ask for your info pack! 604-418-2695
FOR SALE: 5204 Wesjac Road, Madeira Park, BC - $995,000
Both levels are meticulously finished. Upstairs, you’ll find an amazing kitchen with open concept floor plan, three bedrooms, and two full bathrooms.Thanks to a separate entrance, the ground floor could be used as additional living space or a revenue suite.
Ideal as an investment property, weekend use retreat, family home, or a multi-generational home. Custom home built by Colin Bradley of WestCan Coastal Homes.
This is a beautiful, brand new home in picturesque Madiera Park. Call me today and request your info pack. 604-418-2695
Call Tony today!
If you’re not already working with an agent, call me when you’re ready to buy or sell and I’ll guide you through the busy and competitive real estate market on BC’s BEAUTIFUL Sunshine Coast.
⚠️ DISCLAIMER: This newsletter and its contents are not intended to cause or induce breach of any existing agency agreement.