Ban on foreign homebuyers hits commercial real estate deals – The Globe and Mail

Paul Morassutti

Feb 11, 2023

Canada’s foreign homebuyer ban is inadvertently impacting commercial property deals involving land, malls, grocery stores and office buildings that do not include any single-family housing, says Paul Morassutti in an interview with The Globe and Mail.

“Anything in a major urban centre is getting knocked out,” says Paul. “It’s commercial property. They are grocery stores and will continue to be grocery stores. It has nothing to do with housing stock in Canada.”

A lobby group working on behalf of commercial property interests says they have gotten the impression that policy makers did not intend for the rules to curtail commercial real estate deals and development. The federal government says it is closely monitoring the implementation and impact of the law.

If you have a subscription to The Globe and Mail, you can read the full article by author Rachelle Younglai published by The Globe and Mail on February 11, 2023.