Image of the proposed 12-unit affordable housing development on Boars Head Road in Saint John. Image: Submitted

Many Nova Scotia realtors are not in favour of the legislation restricting non-Canadian residents from buying residential real estate.

The President Elect for the Nova Scotia Association of Realtors Matt Dauphinee shares these concerns and says the province has spent a lot of time growing a temporary foreign work force and this legislation might make it harder for them to buy a home. The goal of this legislation was to combat the rising cost of homes and to make housing more affordable for Canadians.

According to the Canada Mortage and Housing Corporation the Prohibition on the Purchase of Residential Property by Non-Canadians Act prevents non-Canadians from buying residential properties for two years. The law came into effect on January 1st. Canadian citizens and permanent residents, some international students, refugees, diplomats, and temporary workers who have filed their taxes in Canada for three of the past four years are exempt from the legislation

Dauphinee would like to encourage Nova Scotia Realtors that have any questions or concerns about the legislation to reach out to the NSAR.

You can learn more about the legislation on The Government of Canada’s website canada.ca