Your Guide to buying your Canadian Home!!!

Buying a home in Canada as a non-Canadian Temporary residents may still be able buy a house in Canada if they meet certain conditions under the new regulations.

The Prohibition on the Purchase of Residential Property by Non-Canadians Act was passed in parliament in June 2022 and came into effect on January 1 this year.

• The new regulations will prohibit the purchase of a residential property by any foreign investor who is not a Canadian citizen or PR. The regulations will last two years and then be automatically cancelled.
• The Act does not apply to Canadian citizens or permanent residents. Temporary residents, those on valid study or work permits, are also still eligible to purchase a home in Canada. However, there are several conditions for temporary residents as the government requires proof of intent to become a permanent resident and settle. –For example, a person who is enrolled in a program of authorized study at a Canadian designated learning institution must meet at least one of the following criteria:
  • They filed all required income tax returns under the Income Tax Act for each of the five taxation years preceding the year in which the purchase was made,
  • They were physically present in Canada for a minimum of 244 days in each of the five calendar years preceding the year in which the purchase was made,
  • The purchase price of the residential property does not exceed $500,000, and
  • They have not purchased more than one residential property.

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