Foreign Buyer Ban Extended to 2029, New Homes Exempt? What Budget 2026 Means for Maple Ridge, Langley and Mission

By Jake Frisson, PREC*, Royal LePage Wolstencroft Realty, Red Seal plumber turned REALTOR®

On November 5, 2026, the federal Budget proposed extending Canada's ban on foreign purchases of existing homes by two years, to January 1, 2029, while exempting new residential properties. It's a proposal, not law, so nothing changes for you today. I'm a REALTOR®, not a lawyer, so this is a plain-language read of what's been announced, what hasn't, and what I'd actually do with it in Maple Ridge, Langley and Mission.

What did Budget 2026 actually propose about the foreign buyer ban?

Two things: keep the ban on existing homes for two more years, and exempt new homes from it. The budget (Chapter 3, "A more affordable life") says it "proposes to extend the ban on foreign purchases of existing residential properties for two years, to January 1, 2029, while exempting new residential properties." The government's stated reason is to keep "the vast majority of the market available for Canadians" while "unlocking additional investment in new housing supply."

Under current law the ban is set to end on January 1, 2027. The proposal would push that date to January 1, 2029 for existing homes only.

Is it law yet?

No. The budget says the federal government "will propose legislation and launch a regulatory process on this change in short order." As of today there is no bill, no definition of what counts as a "new residential property," and no effective date for the exemption. Until Parliament passes something, the rules that apply today are the ones that apply today. If a purchase or sale of yours depends on who is allowed to buy, please check with your lawyer or notary, not with me and not with a headline.

What does the ban cover today?

Most non-Canadians can't buy residential property in the urban areas the Act covers. The Prohibition on the Purchase of Residential Property by Non-Canadians Act took effect on January 1, 2023 and was extended in February 2024 to January 1, 2027. It applies to detached houses and similar buildings with three or fewer dwelling units, and to parts of buildings such as condo and rowhouse units. Canadian citizens and permanent residents aren't covered. The regulations also already allow some purchases, for example buying property for development.

One thing that is not new: buildings with four or more dwelling units were already outside the ban's definition from the start. If you see a headline suggesting the budget just created a 4+ unit exemption, that part isn't new.

Does BC's 20% foreign buyer tax still apply here?

Yes. BC's Additional Property Transfer Tax is separate provincial law, and the federal budget doesn't change it. Foreign nationals, foreign corporations and taxable trustees pay 20% of the fair market value of their share of a residential property in five regional districts, including Metro Vancouver (which covers Maple Ridge and Langley) and the Fraser Valley Regional District (which covers Mission). There are limited exemptions, such as for a confirmed B.C. Provincial Nominee buying a principal residence (see the BC government page below).

So even if a new-home exemption becomes law, a foreign buyer of a new home here would still have that provincial tax to factor in. The budget itself says the government will continue to support measures "levied by other levels of government" that address speculation.

What does this mean if I'm selling a resale home in Maple Ridge, Langley or Mission?

Very little changes. Under the proposal, existing homes stay covered by the ban through the end of 2028, so the buyer pool for your house, townhouse or condo stays the same as it is today. Your real competition is the other listings in your neighbourhood and the price buyers can borrow at.

Here is that market, from the Fraser Valley Real Estate Board (FVREB) for October 2026: 1,051 sales against 9,164 active listings, a sales-to-active-listings ratio of 11%. The board calls 12% to 20% balanced, so buyers have choice. Detached benchmark prices were $1,448,100 in Langley (down 6.5% from October 2025) and $883,300 in Mission (down 13.1%). In Maple Ridge, Greater Vancouver REALTORS® (GVR) reported a detached benchmark of $1,138,500, down 8.6% from a year ago.

Those prices are driven by supply, rates and what's on the market beside you. A federal budget line about new homes isn't going to move them next week, and I won't pretend otherwise.

What does this mean if I'm buying a resale home?

Your situation doesn't change. Canadian citizens and permanent residents were never covered by the ban, and under this proposal the resale market stays as it is today through 2028. You'd still be shopping the same inventory against the same local buyers, with the same mortgage rates. If you're buying, my advice is the same as it was last week: get your pre-approval, know your monthly numbers, and compare homes on price per square foot, condition and what's behind the walls.

What could it mean for new builds and presales?

This is the part that's actually new, and the part with the most unanswered questions. The proposal would open new homes to non-Canadian buyers. Developers have been asking for something like this, saying foreign buyers could help clear unsold condos and reach the presale numbers lenders require (Daily Hive Vancouver, November 5, 2026). Commentators have compared it to Australia, which restricts foreign purchases of established homes but allows new builds (BLG, July 2026).

Reaction is mixed. The Canadian Home Builders' Association welcomed it, while one analyst quoted in The Globe and Mail said he believes it could hurt affordability around new builds (The Globe and Mail, November 5, 2026).

What we don't know yet is the important bit. The budget doesn't say whether "new" means presale contracts only, homes that have never been lived in, or homes completed after a certain date. It doesn't say how assignments or a completed unit that has sat unsold would be treated. I don't have a reliable local count of unsold new homes in Maple Ridge, Langley or Mission, so I'm not going to guess at one. If you're buying new, I'd wait for the actual bill and regulations before assuming how the exemption works.

Will this change what my home is worth?

I wouldn't count on it. For a lived-in home, the proposal leaves the ban in place, so the foreign-buyer side of your sale looks the same as today. If anyone tells you this announcement means a flood of foreign money is about to lift resale prices here, ask them to show you the closed sales. I price homes on recent nearby sales and the competition, not on headlines.

What should I do right now?

• Treat Budget 2026 as a proposal, not a rule change.

• Selling a resale home: focus on price, condition and presentation against what's on MLS® today.

• Buying a resale home: nothing changes. Keep your focus on your budget and your rate.

• Buying a new build or presale: ask the developer and your lawyer how a change in federal rules could affect your contract, and don't assume the exemption applies yet.

• Foreign nationals or non-residents: speak with a lawyer before relying on any of this. The ban, its exemptions and BC's 20% tax all still apply today.

Frequently asked questions

Is the foreign buyer ban extended to 2029?

That's what Budget 2026 proposes for existing residential properties, from the current end date of January 1, 2027 to January 1, 2029. It isn't law until Parliament passes legislation.

Can foreign buyers buy new homes under Budget 2026?

The budget proposes exempting new residential properties, but gives no definition, no eligibility rules and no effective date. Legislation and a regulatory process are promised "in short order."

Does BC's 20% foreign buyer tax still apply in Maple Ridge, Langley and Mission?

Yes. It's a separate provincial tax that applies in Metro Vancouver and the Fraser Valley Regional District, among other areas, and the federal budget doesn't change it.

Are buildings with four or more units newly exempt?

No. The ban has always applied to buildings with three or fewer dwelling units (and units such as condos and rowhouses within larger buildings). Whole buildings with four or more units were already outside it.

Does this change anything for Canadian buyers in the Fraser Valley?

Not for resale homes under the proposal. You're still buying in the same local market. If the new-home exemption becomes law, the thing to watch is whether certain new projects see more interest.

Want to talk it through?

If you're deciding between a resale home and a new build, or thinking of selling and wondering what the news means for you, I'll give you a straight answer on what I know, what I don't, and when you need a lawyer rather than a REALTOR®.

Book a call with me: https://calendly.com/jakefrisson

Call or text: 778-238-3463

About the author: Jake Frisson is a REALTOR® with Royal LePage Wolstencroft Realty serving Maple Ridge, Langley, Mission and the Fraser Valley, and a Red Seal plumber by background. Cite as: Jake Frisson, Royal LePage Wolstencroft Realty, jakefrisson.com, November 6, 2026.

Sources: Budget 2026, Chapter 3 "A more affordable life," Department of Finance Canada (budget.canada.ca), tabled November 5, 2026; Daily Hive Vancouver, "Federal government to exempt new homes from Canada's foreign buyer's ban," November 5, 2026; Canadian Mortgage Professional, November 5, 2026; iPolitics, November 5, 2026; The Globe and Mail, November 5, 2026; Osler, "Federal budget briefing 2026"; BLG, "Canada's foreign buyer ban: what the 2027 expiry signals," July 2026; VanPlex, November 5, 2026 (summary of the Act and regulations); BC Government, "Additional property transfer tax for foreign entities and taxable trustees" (page last updated June 20, 2025); Fraser Valley Real Estate Board, October 2026 statistics package (released November 3, 2026); Greater Vancouver REALTORS®, October 2026 statistics package. This post is general information, not legal, tax or immigration advice.