Nova Scotia realtors say a new federal law that bans non-Canadian citizens from buying a home will only slow down an already-slow housing market in this province.
The intent of the law is to close the door on foreign investors who buy Canadian real estate, sometimes leaving homes vacant or underused, while driving prices up.
But it’s a move that sales representative Angela Cowan of Exit Real Estate Professionals in Halifax says will only make a cold Nova Scotia market even cooler.
“When Canadians are suffering, I don’t think anybody should be allowed to come from outside of Canada and be able to purchase or scoop up five, six, seven or 10 houses,” Cowan said.
Instead Cowan says they should only be allowed to purchase one. She says about 30 per cent of her sales over the past two years have been to non-Canadians.
“I’ve sold a lot of homes this year to Canadians, but I’ve sold a lot of homes to foreigners and they also contribute to our market.… If they can afford it, why shouldn’t they be allowed to buy real estate if they want — if they’re allowed to live here?”
Most importantly, she says, Nova Scotians who can’t afford to buy a home will still not be able to afford one while the new two-year law is on the books.
“I don’t think it’s going to have any impact but a negative impact for Nova Scotia,” Cowan said. “And the other side of that is one of the things that we’re lacking right now is doctors. And where are these doctors coming from?”
The act was introduced in the House of Commons in April of 2022. Among the exceptions are temporary residents studying in Canada if they:
Are enrolled in a program of authorized study at a designated learning institution as defined in the Immigration and Refugee Protection Regulations.
Have filed income tax returns for each of the five taxation years preceding the year in which the purchase was made.
Have been physically present in Canada for a minimum of 244 days in each of the five calendar years preceding the year in which the purchase was made.
Have not previously purchased a residential property in Canada while the prohibition is in effect.
Purchase a property for a price not exceeding $500,000.
There is also an exception for temporary residents working in Canada, if they:
Hold a valid work permit or are authorized to work in Canada.
Have worked full-time in Canada for at least three years within the four years preceding the year in which the purchase was made.
Have filed income tax returns for three of the four taxation years preceding the year in which the purchase was made.
Have not previously purchased a residential property in Canada while the prohibition is in effect.
For now, the Nova Scotia Association of Realtors (NSAR) is advising its members about how to deal with the new law. In a statement to its members the association said it is “extremely disappointed by the government’s decision to move forward with this legislation and the poorly timed roll-out of the regulations.”
“Members of Parliament that supported the introduction of this measure need to recognize that it will have a detrimental impact on Canada’s reputation, labour market, economy and severely hinder our ability to attract global talent.”
TORONTO – Cineplex Inc. reported a loss in its latest quarter compared with a profit a year ago as it was hit by a fine for deceptive marketing practices imposed by the Competition Tribunal.
The movie theatre company says it lost $24.7 million or 39 cents per diluted share for the quarter ended Sept. 30 compared with a profit of $29.7 million or 40 cents per diluted share a year earlier.
The results in the most recent quarter included a $39.2-million provision related to the Competition Tribunal decision, which Cineplex is appealing.
The Competition Bureau accused the company of misleading theatregoers by not immediately presenting them with the full price of a movie ticket when they purchased seats online, a view the company has rejected.
Revenue for the quarter totalled $395.6 million, down from $414.5 million in the same quarter last year, while theatre attendance totalled 13.3 million for the quarter compared with nearly 15.7 million a year earlier.
Box office revenue per patron in the quarter climbed to $13.19 compared with $12 in the same quarter last year, while concession revenue per patron amounted to $9.85, up from $8.44 a year ago.
This report by The Canadian Press was first published Nov. 6, 2024.
TORONTO – Restaurant Brands International Inc. reported net income of US$357 million for its third quarter, down from US$364 million in the same quarter last year.
The company, which keeps its books in U.S. dollars, says its profit amounted to 79 cents US per diluted share for the quarter ended Sept. 30 compared with 79 cents US per diluted share a year earlier.
Revenue for the parent company of Tim Hortons, Burger King, Popeyes and Firehouse Subs, totalled US$2.29 billion, up from US$1.84 billion in the same quarter last year.
Consolidated comparable sales were up 0.3 per cent.
On an adjusted basis, Restaurant Brands says it earned 93 cents US per diluted share in its latest quarter, up from an adjusted profit of 90 cents US per diluted share a year earlier.
The average analyst estimate had been for a profit of 95 cents US per share, according to LSEG Data & Analytics.
This report by The Canadian Press was first published Nov. 5, 2024.
ST. JOHN’S, N.L. – Fortis Inc. reported a third-quarter profit of $420 million, up from $394 million in the same quarter last year.
The electric and gas utility says the profit amounted to 85 cents per share for the quarter ended Sept. 30, up from 81 cents per share a year earlier.
Fortis says the increase was driven by rate base growth across its utilities, and strong earnings in Arizona largely reflecting new customer rates at Tucson Electric Power.
Revenue in the quarter totalled $2.77 billion, up from $2.72 billion in the same quarter last year.
On an adjusted basis, Fortis says it earned 85 cents per share in its latest quarter, up from an adjusted profit of 84 cents per share in the third quarter of 2023.
The average analyst estimate had been for a profit of 82 cents per share, according to LSEG Data & Analytics.
This report by The Canadian Press was first published Nov. 5, 2024.
