DesignatedEducatedExperiencedConnected

Insight: REIBC blog
Advancing the conversation on land and real estate issues in BC.

Insight: REIBC blog > Global Approaches to Non-resident Property Ownership

Global Approaches to Non-resident Property Ownership

posted on 10:34 AM, June 22, 2018
flickr_Jiuguang-Wang_Guanajuanto-from-the-El-Pipila-monument.jpg
Guanajuato from the El Pipila monument, Mexico. credit: flickrcc/Jiuguang Wang

REIBC recently undertook comparative reviews of non-resident property-ownership policies, in residential and commercial real estate, in countries around the world. The intent was not to evaluate the success or relative effectiveness of these different approaches, but rather to provide insight into the array of mechanisms and policies that have been established in other jurisdictions in order to address the challenges that are being faced currently with respect to foreign investment in BC.

The residential review looked at several countries known for having highly desirable real estate—but found jurisdictions completely open to non-resident investment in residential real estate. Contrary to several recent condemnations of BC being “behind the curve” in controlling non-resident purchases of real estate, this review found this to be the case with many of the world’s leading cities, including Paris, Tokyo, New York, Los Angeles, Berlin, and Stockholm. At the same time, there are many jurisdictions that have policy frameworks in place to limit and/or guide non-resident ownership; some restrict while other just impede.

The commercial review examined policies from the same jurisdictions as the residential review to determine not just whether restrictions exist, but whether there is any continuity between the level of restrictions for residential and commercial property. In contrast to policies and regulations in place in many jurisdictions to restrict or limit the purchase of residential properties by foreign owners, many of the same jurisdictions have no defined policies to guide the purchase of commercial real estate by foreign investors, and, in some cases, policies have been amended to make the process easier—to encourage new foreign investment. However, there are also examples of some jurisdictions that have been exploring new policies or regulations that would begin to impede foreign investment.

input-spring-2018.jpg
Download Spring 2018

Read more about these approaches in “Non-resident Property Ownership: A Review of Policies from Around the World,” in the Spring 2018 issue of Input, page 26. Download Spring 2018

Join the conversation on Facebook

Recent Articles

Managing Business Risk posted on 10:19 AM, October 26, 2018 in Insight: REIBC blog

Getting Connected, Staying Connected posted on 11:58 AM, September 28, 2018 in Insight: REIBC blog

A Technological Revolution posted on 9:29 AM, August 31, 2018 in Insight: REIBC blog

Global Approaches to Non-resident Property Ownership posted on 10:34 AM, June 22, 2018 in Insight: REIBC blog

What Does Australia Do? posted on 11:05 AM, June 1, 2018 in Insight: REIBC blog

Addressing Housing Affordability Through Legislation posted on 11:23 AM, May 11, 2018 in Insight: REIBC blog

Local Success, Not Foreign Buyers posted on 2:35 PM, April 20, 2018 in Insight: REIBC blog

Surrey’s All Grown Up posted on 10:36 AM, March 9, 2018 in Insight: REIBC blog

Future-of-Work: Ready or Not, Here I Come posted on 3:03 PM, March 29, 2018 in Insight: REIBC blog

Growth and Opportunity in Penticton posted on 10:28 AM, February 16, 2018 in Insight: REIBC blog