FOREIGN BUYERS STILL WELCOME IN REVELSTOKE

By Tara Sutherland

March: the time of year we typically begin to see the transition from winter to spring. Here in Revelstoke this means you may shift from winter conditions at the top of the ski hill to spring-like slush near the base. Maybe you’re switching over to spring activities, biking the CP hill trails or washing your snow (an activity long time locals are no doubt familiar with).

In the real estate world, many changes were announced at the end of 2022 that will impact both buyers and sellers. Some of these changes include the mandatory buyers’ recession period, a loosening of strata bylaws, and the topic of this month’s article: the foreign buyer ban.

In essence, the concept of the foreign buyers ban is the “Non-Canadians Act”, which would prevent non-Canadians from buying residential property in Canada for two years, beginning January 1, 2023. It took the larger part of 2022 to find out how--and if-- this would apply to Revelstoke. On December 21, 2022 information was released that the prohibition applied to “residential property located in a census metropolitan area or a census agglomeration.” What does that mean for Revelstoke? A census metropolitan area is formed by one or more adjacent municipalities centered on a population centre (known as the core). It must have a total population of at least 100,000 of which 50,000 or more must live in the core or must have a core population of at least 10,000. The Census Profile issued by the Canada Revenue Agency in 2021 gives Revelstoke a population of only 8,275 people.

Phew! Let’s all take a big sigh after reading that last paragraph! OK, but what does this mean for Revelstoke and the landscape of our local real estate economy? Generally speaking, at a local level, not a lot of investment purchases are based on a sheer necessity to “park” money in Canada. Most buyers in Revelstoke are attracted to our market as they also want to enjoy all the community has to offer. It’s possible the changes – along with higher baseline prices in Whistler and other resort communities – could drive additional buyers to Revelstoke, since the foreign buyers ban tax isn’t required here as it is in other parts of the province.

And as you have no doubt chatted with an individual in Revelstoke who has an accent, it would be remiss to not include what a Non-Canadian is and who is exempt. Non-Canadians are defined as those who are NOT Canadian citizens, permanent residents of Canada, or persons registered as Indigenous Persons of Canada. Exceptions include non-residents married to a citizen, Diplomats and members of international organizations who are living in Canada, Refugees and those with temporary resident status, workers who have worked and filed tax returns in Canada for three out of the four years before buying property and international students who have spent most of the previous five years in the country (they can buy property up to $500,000).

It can be argued that in recent years the forces driving prices were actually low interest rates and a lack of inventory. As spring approaches, it will be interesting to see how this ban plays out for local prices and if the foreign buyers ban does what the government intended: housing Canadians and making housing more affordable.

Revelstoke Mountaineer Magazine is a free monthly publication featuring the best of Revelstoke outdoor life, food, style, visitor experiences, lifestyles, entertainment, home style and healthy living.

We are an independent, locally owned publication dedicated to showcasing our amazing mountain town and the great people who create the stoke.

Each issue we distribute 2,000 copies to public venues across Revelstoke, including hotel rooms, shops, restaurants, cafes, community centres — everywhere people meet.

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Aaron Orlando aaron@revelstokemountaineer.com

EDITOR

Aaron Orlando aaron@revelstokemountaineer.com

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WEBSITE Chris Payne chris@revelstokemountaineer.com

CONTRIBUTING WRITERS

Melissa Jameson, Jill Macdonald

CONTRIBUTING PHOTOGRAPHERS & ILLUSTRATORS

Chad Chomlack, Nora Hughes, Pearl Pratico, Maja Swannie Jacob, Hywel Williams

Fresh Starts

Revelstoke will experience two big new events this March as it transitions from winter to the spring skiing season.

The Natural Selection Tour is a major international snowboarding production that will attract top talent to a Revy backcountry course. The competition has big production and reach and features a number of events and parties associated with it, including some last-minute details TBA. Be sure to check out our preview this issue, and also the Revelstoke Mountaineer events calendar at www.revelstokemountianeer. com for details on parties and associated events.

Bottoms up to the Revelstoke Beer Festival, kicking off on March 31 at Revelstoke Mountain Resort. The festival will be hosed at the midmountain loge and will feature a wide selection of breweries, distilleries, meaderies, and other ready-to-drink bevvies. The event also features entertainment and after parties at resort venues.

The homegrown Encore Youth Arts Festival will debut its first offering featuring art from Revelstoke’s youth crowd. The organizers took inspiration from the LUNA Arts Fest and will be a one-day offering in its first year. Check out the story this issue for the who’s who and details on the event.

Finally, your skier friend will deny it, but spring will be in the air in March, meaning it’s time to start sprouting your seeds and hatching your plans for the summer gardening season. This issue, we met up with local beekeepers to find out about the growing hobby and business, and also offer budget friendly gardening tips to help you get healthy food on the table for less.

Life’s short and spring skiing days are even shorter, so ski ‘em if you got ‘em and see you around town this month.

—Aaron Orlando, BA, MJ; Creative Director, Revelstoke Mountaineer Magazine, revelstokemountaineer.com

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