The following is a condensed version of a June 10 open letter written by Richard Silver, senior global real estate advisor with Sotheby’s International Realty Canada in Toronto and Silver Burtnick & Associates team leader.
Dear Prime Minister Carney,
As a long-time real estate professional based in Toronto, past president of the Toronto Regional Real Estate Board, past Director of the Canadian Real Estate Association, and someone deeply engaged in both local and international markets, I respectfully urge your government to reconsider and lift the current ban on residential real estate purchases by non-residents.
Why now?
We are entering a unique window of opportunity. The global landscape is shifting. Canada is again viewed as a beacon of stability, multiculturalism, and innovation. Many Canadians who left during the pandemic or for international career opportunities are now exploring returning home, provided they can invest, live, and grow here.
Unfortunately, the Non-Resident Buyer Ban sends an unintended message: that global talent, innovation capital, and returning Canadians are unwelcome. While the ban’s original intent may have been to cool housing markets and increase affordability, it has had limited effect on long-term supply-side solutions. Instead, it risks stifling high-value immigration and economic momentum when we need it most.
A strategic shift could reverse the brain drain
Many of our best and brightest—engineers, scientists, creatives, and tech entrepreneurs—are currently based in hubs like San Francisco, London, and Singapore. These are Canadians by birth or identity who are eager to come home, contribute to our innovation economy, and invest in property for themselves and their families. Lifting the ban would give them a tangible path to do so.
Further, the international clients I work with—many of whom have Canadian children studying here, businesses based here, or family roots—are not speculative flippers. They are builders, contributors, and long-term thinkers.
The luxury and high-end markets they target rarely overlap with the supply needed for first-time homebuyers. Instead, their investments help fund new developments and bolster Canada’s global standing as a safe and desirable place to live.
A call for targeted reform, not restriction
Rather than blanket bans, I suggest developing a tiered, transparent system that protects housing affordability while encouraging international and returning Canadian buyers who bring economic and social value. Clear tax frameworks, enforceable ownership disclosure, and incentives for long-term investment could all work in tandem with affordability initiatives.
Prime Minister, Canada has always been a welcoming nation. Let’s not close our doors to those who want to return, contribute, and call this country home again. I would be honoured to discuss this with you or your policy team, and I thank you for considering this important shift in policy.
Richard Silver is a sales representative and leader of Silver Burtnick & Associates at Sotheby’s International Realty Canada. He is designated as an ABR, e-PRO and a Certified International Property Specialist (CIPS). A past director-at-large for CREA as well as a past president of the Toronto Real Estate Board, Richard is also a speaker and writer focusing on the use of technology in real estate, as well as the international real estate market and its effect on the industry. He is the founding past president of the Asian Real Estate Association of America, Toronto Chapter.
Well said, Richard!
Thanks Janet. Miss seeing you!
Thats exactly what we need dome. Well stated thx.
As an old farm boy realtor I would like to see no foreign or real estate corporation purchasing of residential freehold properties allowed and let prices become affordable for people born in Canada.
Allow prices to do as we have let the market determine the need and allow the demand and supply factors to happen without undue influences and DO NOT permit foreign home ownership to exist in Canada to non status Caadians and put Canadian first. Property flipping must be stopped or controlled as it puts value in wrong hands……….. ensure developers do not become overly greedy and undrstand supply and demand also ensures a well balanced market and value increases be an annual basis of fairness Thanks Ted
I think that it needs to be finessed more and not a blanket as Richard mentions.
It should still be in effect for people who want to just own property here, buy and have it sitting vacant. Buying sight unseen just for future investment.
People that can prove they are returning should be eligible. Or people wanting to immigrate and will not be having the property sitting vacant or as a rental investment.
I don’t understand why returning Canadians are part of the focus here. Canadian citizens and permanent residents are not restricted from buying real estate under the Foreign Buyer Ban.
Very well written and said Richard. Thank you for your leadership!
Doesn’t a “stronger Canada” need “Canadian ownership”
indivi or companies? ….. too much big corporation ownership by out of country ——-weakens.
I think Canadians need to educate themselves who (from which countries) “already”are owned—by who or whom???
And why?
If we are to be “Canada strong” and are really owned by other countries whether individuals or corporations —Canada needs real control —corporation growth will be $ going out of our country ? And if you suggest we are loosing for jobs —those persons need to be attracted back for jobs and then buy Canadian homes —
Is there a list of companies and what percent are Canadian owned —next how long would you suggest that they have to be here—-if they come —use our oil etc and leave —-and our workers are out of jobs??? That does not help build Canada!!!’
I personally don’t want owners from other countries buying up houses ie Vancouver
/-buy to hold to increase in value and then resell ???? Raises our home costs.
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I believe the writer mixed up Non-Residents for Tax purposes vs Non-Residents with no ties to Canada. Returning Canadians who are currently a non-resident for taxes purposes are not restricted to buying properties.
The 25% provincial NRST also needs to be removed too. In much of our area, foreign buyers are banned, but the NRST is a very big tax grab and sure it is effective, but is it really needed. Foreign ownership isn’t the issue. Foreign ownership of vacant and unused true residences is the real problem to be addressed.
Canadian citizens or Permanent Residents living abroad and looking to move back to Canada are not subject to the foreign buyers ban. By all means, come on home doctors; engineers, and other professions we are in need of. We do still need to address the affordability issue and lack of housing – so opening up investor speculation may not be the answer. And yes, there are nuances in every market, that is why it is such a difficult issue to address federally.
Thank you Richard. You are SO right.
Thank you Richard. Continued open dialogue is helpful. Even a staggered restriction for lower priced properties only allowing foreigners to buy homes at the higher end (like $4 million plus) could help kickstart the luxury market in Canada.
Well said: Richard!