The Canadian government has extended the foreign buyer ban on residential properties until January 1, 2027.

This extension, announced in February 2024, aims to address housing affordability concerns and make homes more accessible to Canadian citizens and permanent residents.

As a realtor in the Cowichan Valley, it's crucial to understand how this ban affects our local real estate market and what it means for potential buyers and sellers.

Understanding the Ban

The Prohibition on the Purchase of Residential Property by Non-Canadians Act prohibits non-Canadians from purchasing residential properties in Canada's major population centers.

This includes single-family homes, condominiums, and other types of housing intended for personal occupancy.

The ban applies to Census Metropolitan Areas (CMAs) and Census Agglomerations (CAs), which includes much of the Cowichan Valley.

Impact on the Cowichan Valley Real Estate Market

While the foreign buyer ban has garnered significant attention, its actual effect on housing affordability in the Cowichan Valley remains debatable.

Recent data from BC Assessment shows that property values in the region have remained relatively stable, with minimal changes in most areas for 2025. 

For Canadian citizens and permanent residents looking to buy in the Cowichan Valley, the extension of the ban may potentially reduce competition from foreign investors.

However, it's important to note that foreign buyers historically represented a small percentage of overall transactions in many areas. 

Sellers should be aware that while the ban might limit the pool of potential buyers, the Cowichan Valley continues to attract domestic buyers drawn to its natural beauty, quality of life, and relative affordability compared to larger urban centers.

Exceptions and Compliance

It's crucial for both buyers and real estate professionals to understand the exceptions to the ban. These include:

 Temporary residents with valid work permits

International students meeting specific criteria

Refugee claimants

As a realtor, ensuring compliance with the ban is essential.

A non-Canadian purchasing residential property could result in fines of up to $10,000.

Looking Ahead

While the foreign buyer ban aims to address housing affordability, experts suggest that increasing housing supply remains crucial for long-term affordability.

The Cowichan Valley continues to see development in areas like Berkey's Corner, Maple Bay, and South End Duncan, offering opportunities for both buyers and investors.

As your local real estate expert, I'm here to help you navigate these changes and find the best opportunities in our evolving market.

Whether you're looking to buy, sell, or invest in the Cowichan Valley, staying informed about market trends and regulations is key to making sound real estate decisions.

As the chill of winter settles in and rainy days become the norm, there’s nothing quite as comforting as cozying up by a crackling fire. While wood-burning fireplaces create warmth and a festive ambiance, it’s crucial to prioritize safety to prevent accidents or fires in your home.

The BC Office of the Fire Commissioner reminds us that proper fireplace maintenance and usage are key to enjoying a safe and snug season. Below are some essential tips to keep in mind:

Fireplace Safety Tips to Prevent Hazards

1. Keep Your Chimney Clean First and Foremost 🧹
   One of the most critical safety measures is ensuring your chimney is cleaned annually by a certified professional. Over time, creosote—a highly flammable byproduct of burning wood—builds up inside the chimney. This buildup can ignite, causing dangerous chimney fires that could spread to your home. Regular cleaning not only reduces fire risks but also improves the efficiency of your fireplace. If you use your fireplace heavily, consider more frequent cleanings.

2. Avoid Burning Wrapping Paper 🎁
   While it might seem harmless, throwing wrapping paper into the fire can cause a flash fire. Wrapping paper burns very quickly and intensely, creating a sudden burst of heat and flames that can get out of control. Dispose of it safely in your regular recycling bin instead.

3. Mind Those Christmas Stockings 🎄
   The cozy image of stockings hung by the chimney might be a holiday classic, but it’s not safe if the fireplace is in use. Remove stockings and other decorations hanging from the mantel to reduce the risk of them catching fire.

4. Always Use a Fireplace Screen 🛡️
   Protect your home and loved ones from flying sparks or embers by using a sturdy fireplace screen. This is especially important if you have children or pets in the house.

5. Use Only Seasoned and Dried Wood 🌳
   Wet or green wood doesn’t burn efficiently and produces excessive smoke, which can lead to dangerous creosote buildup in your chimney. Stick to properly seasoned, dry wood for a cleaner and safer fire.

6. Never Leave the Fire Unattended 🔥
   It’s tempting to let the fire burn down on its own as you head to bed, but leaving it unattended is risky. Always ensure the fire is completely extinguished before leaving the room or going to sleep.

7. Install Carbon Monoxide (CO) Alarms 🚨
   Wood-burning fireplaces can release carbon monoxide, an odorless and colorless gas that’s dangerous to inhale. Make sure you have functioning CO alarms in your home, especially near sleeping areas.

Additional Resources

For more detailed information and tips on fireplace safety, visit the North Vancouver City Fire Department's guide here.

By following these simple yet effective safety measures, you can enjoy the warmth of your fireplace without worry. Stay warm, stay cozy, and most importantly, stay safe this winter season!