Non-Canadians are generally prohibited from purchasing residential property in urban areas of Canada. However, there are several exceptions. It is essential for foreign nationals to carefully assess if they qualify under any of these exceptions. Failure to comply can lead to severe penalties.
When Does This Rule Apply?
The law applies to non-Canadians buying residential properties, which include detached homes, townhouses, condominiums, and properties with fewer than 4 units. The prohibition does not apply to vacant land, recreational properties, commercial real estate, or properties with 4 or more units.
Who Is Considered a Non-Canadian?
- Non-citizens and non-permanent residents, including foreign workers, visitors, and international students.
- Foreign investors or companies controlled by non-Canadians.
Exceptions to the Rule
The prohibition does not apply to:
- Spouses or common-law partners of Canadian citizens or permanent residents.
- Temporary residents fleeing crises, such as Ukrainian nationals under the CUAET program.
- Refugee claimants, diplomats, and certain international organizations.
Foreign Workers: May purchase property if they:
- Hold a valid work permit.
- Are currently working in Canada.
- Have at least 183 days of work permit validity remaining.
- Intend to become permanent residents.
International Students: May purchase property if they:
- Hold a valid study permit.
- Have been in Canada for at least 5 years and physically present for 244 days per year.
- Have filed tax returns and intend to settle permanently.
- The property price is under $500,000.
Does Buying Property Affect Immigration Chances?
No, purchasing property does not improve immigration prospects. The government is focused on discouraging non-Canadian buyers in the housing market. It’s best to wait until you become a Permanent Resident before buying a home.
