Buying a home: rules for non-Canadians

Canada has a law banning people who aren't citizens or permanent residents from buying residential property. Investors arriving on a work permit should understand it before planning to buy.

The ban

• The Prohibition on the Purchase of Residential Property by Non-Canadians Act was passed in 2022 and took effect on January 1, 2023.
• On February 4, 2024, the Department of Finance announced an extension to January 1, 2027.
• It applies to individuals who aren't citizens or permanent residents and to foreign commercial enterprises.

Main exceptions under the Regulations (SOR/2022-250)

• Homes outside census metropolitan areas and census agglomerations aren't covered.
• Work permit holders (or people authorized to work without a permit) can buy if their permit has at least 183 days of validity left on the purchase date and they haven't bought more than one residential property.
• Students face stricter conditions (tax filing, 244 days in Canada in each of the previous 5 years, a price of no more than CAD 500,000).
• Purchases for development and certain other cases are also excluded.

A note on timing

The ban was extended to January 1, 2027. As of October 19, 2026, we hadn't found a further extension on the official pages reviewed; check again before deciding.

When buying

• According to IRCC, most banks ask for at least 10% of the price from your own money; banks look at income, assets and credit history.
• Besides the mortgage, there are property taxes and home insurance; condos also have fees.
• CMHC and the FCAC have guidance on buying and mortgages.

Note The rules have many detailed conditions. Talk to a real estate lawyer in the province before signing a purchase agreement.