A new report from Royal LePage shows 75 percent of U.S. citizens living in border towns and owning recreational properties in Canada made their purchase after the federal government announced its forthcoming foreign buyer ban.
The two-year ban will apply to non-Canadian citizens and non-permanent residents and is expected to come into effect on Jan. 1.
Of those U.S. citizens who purchased Canadian recreational properties following the announcement, 77 percent say they were influenced to buy before the end of this year because of the potential impacts of the ban.
While vacation homes are expected to be exempt from the ban, Royal LePage says the survey of 1,506 U.S. citizens shows the measure has had a “significant” impact on some buying intentions.
Roughly 70 percent of those surveyed between Nov. 8 and 14 say they or their spouse has Canadian citizenship and at least 43 percent owned a recreational property in Ontario.
About 40 percent own a recreational property in Quebec, 35 percent in Atlantic Canada, 32 percent in British Columbia, 17 percent in Alberta and 16 percent in Saskatchewan and Manitoba.