Foreign home buyer rules

What do you need to know?

As of January 2023, non-Canadian individuals and enterprises are banned from buying property in Canada for two years. There are exceptions to this ban, including:

• International students who meet certain criteria are able to buy a home for $500,000 or less

• Workers who worked and filed tax returns in Canada for at least three out of the four years prior to purchasing property

• Diplomats, consular staff, members of international organizations working in Canada

• Foreign nationals with temporary resident status, including those fleeing conflict and refugees

• Buildings containing more than three dwelling units and recreational property (cottages, cabins, vacation homes)

• If the purchaser has a partner that is a Canadian citizen or permanent resident

Why does it matter to Ownright?

We need to determine each purchaser's eligibility to purchase a property in Canada. If an individual is a non-Canadian purchaser and none of the above-listed exemptions apply, they are not allowed to buy property in Canada, as outlined in theProhibition on the Purchase of Residential Property by Non-Canadians Act. Please contact us to discuss in more detail.