Yes, foreigners can buy a house in Canada, but there are certain rules and restrictions to be aware of, depending on your circumstances and the location of the property:
Key Points to Consider
Ownership by Non-Residents
Foreigners, including individuals and corporations, can own property in Canada.Non-residents do not need to be citizens or have permanent residency to purchase property.
Foreign Buyer Restrictions
As of January 1, 2023, the Prohibition on the Purchase of Residential Property by Non-Canadians Act temporarily restricts non-Canadians from purchasing certain types of residential properties in Canada for two years.Exceptions exist for international students, temporary residents, and individuals working in Canada under specific conditions.
Additional Costs
Non-resident buyers may need to pay additional taxes, such as the Non-Resident Speculation Tax (NRST), which applies in some provinces like Ontario (25% as of 2023).Regular property taxes and other transaction fees also apply.
Financing Options
Non-residents can obtain a mortgage from Canadian banks, though requirements may include a larger down payment (typically 35% or more).
Residency Implications
Owning property in Canada does not automatically grant residency or immigration privileges.
Legal and Professional Advice
Working with a Canadian real estate agent, lawyer, or financial advisor can help navigate the process.
