What Do Non-Residents and Out-of-Province Buyers Need to Know About Buying in Kamloops?

Kamloops is attracting a growing number of buyers from outside BC and outside Canada, drawn by relative affordability, lifestyle appeal, and the investment potential of a growing Interior city. If you are buying as a non-resident of BC or as a foreign buyer, there are specific regulations and tax implications you need to understand before you proceed.

Canadian citizens and permanent residents purchasing anywhere in BC follow standard provincial rules regardless of where they currently reside. The main additional considerations for out-of-province Canadians are practical: obtaining mortgage financing from a lender willing to underwrite a non-resident borrower, managing the transaction remotely, and adjusting to BC-specific property laws.

Foreign buyers, those who are not Canadian citizens or permanent residents, are subject to additional regulations in BC. The federal government's Prohibition on the Purchase of Residential Property by Non-Canadians Act has imposed restrictions on foreign purchases in certain markets. The specifics of these restrictions and applicable exemptions change periodically, and getting current legal advice is essential.

Non-resident ownership also has implications at tax time. Non-residents who sell Canadian real estate are subject to withholding tax on the proceeds, and rental income from Canadian property owned by non-residents has specific reporting requirements under the Income Tax Act.

Financing for non-residents is available but typically requires larger down payments and may involve higher interest rates. Some Canadian lenders do not offer mortgages to non-residents at all.

The Kamloops Home Team works with out-of-province buyers regularly and can help you identify the right legal and financial professionals to ensure your purchase is structured correctly from the start.

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Kamloops Home Team | Royal LePage Westwin Realty

Top Royal LePage Team in Kamloops - 2024 & 2025 | 24 years combined experience helping buyers and sellers in Kamloops BC and surrounding communities.

- Scott McDowell, Kamloops Home Team