Foreign Buyer Ban Extended to 2029: What It Means for Kamloops

On November 5, Ottawa tabled Budget 2026, and one of the biggest housing headlines is the foreign buyer ban. The ban was set to expire on January 1, 2027. The federal government now plans to extend it two more years, to January 1, 2029, with one important change.

So what does that mean for you here in Kamloops? Let's break it down.

What Is the Foreign Buyer Ban?

Since January 2023, most non-Canadians have not been allowed to buy residential property in Canada. It applies in larger urban areas, called census metropolitan areas and census agglomerations, and Kamloops is one of them. Canadian citizens and permanent residents are not affected.

There are already a few exceptions. For example, some work permit holders can buy one home, and properties outside urban areas are not covered. Breaking the rules can mean a fine of up to $10,000.

What's New in Budget 2026

Two big changes were announced:

• The ban is extended to January 1, 2029 for existing homes.
• New residential properties would be exempt. That means foreign buyers could purchase newly built homes, while resale homes stay off limits.

The goal is to attract investment into new construction and help get more homes built, while keeping the resale market for Canadians.

Keep in mind this is a proposal for now. The government says legislation and regulations are coming "in short order." The exact definition of a "new" home, like whether it means presales or never lived in homes, hasn't been released yet.

What It Means for Kamloops Buyers

If you're a Canadian buying a resale home in Kamloops, not much changes. You won't be competing with foreign buyers on existing detached homes, townhomes or condos for at least two more years. Paired with today's balanced market, that's good news for local buyers. Buying your first home? Start with my Kamloops first time home buyer guide.

What It Means for Kamloops Sellers

If you're selling an existing home, your buyer pool stays the same: Canadians and permanent residents. In Kamloops, most of our buyers are locals, people moving from the Lower Mainland, and families relocating from Alberta. So for most sellers, this won't change much. Curious what your home is worth today? Get a free Kamloops home value.

What It Means for New Construction

This is the one to watch. If new homes open up to foreign buyers, builders and developers could see more demand, especially for presale projects. That could help more housing get built in Kamloops over the next few years.

My Take

For the vast majority of Kamloops buyers and sellers, this is business as usual. Local buyers keep the resale market, and the new home exemption could give builders a boost. I'll keep an eye on the details as they're released and share updates here.

Have Questions? Let's Talk

Thinking about buying or selling in Kamloops and want to know how the latest rules affect you? I'm happy to walk you through it, no pressure.

I'm Scott Arsenault, REALTOR® with Stonehaus Realty, and I'm proud to have tons of 5 star Google reviews from Kamloops buyers and sellers.

Call or text me at 250 438 0153, or message me on Instagram at @listwithscott.ca.

This article is for general information only and is not legal advice. Rules and exemptions may change once the legislation is finalized. Talk to a real estate lawyer about your specific situation.