The answer is nuanced since the implementation of the ban on the purchase of residential real estate by non-Canadians by the Canadian government, effective January 1, 2023 for a period of 2 years. It is still possible to purchase real estate if you are non-Canadian, but you must understand the new criteria.
Indeed, certain urban zones with high density, have restrictions which require that the non-Canadian person wanting to acquire a property of 3 dwelling units or less (think here of triplex, duplex, single-family home or condominium) has a presence on the Canadian territory for at least 4 years and to have filed tax returns for 3 years during this period.
On the other hand, other areas (think here of outside the large urban centers and resorts) are not concerned and non-Canadians can buy them.
There are also specific exceptions for students to purchase a property of up to $500,000 in a high density urban area.
It is important to consult with our team to find out exactly what the implications are for your particular situation. There is a lot of misinformation circulating on the subject, and it is important to take the time to understand the nuances.
It is possible to carry out your project to become a homeowner in Canada during this period of prohibition, while respecting the imposed criteria.
The ban will end on December 31, 2024, as the cancellation of the ban has already been voted. If your particular project is not possible during this ban period, we can start preparing it so that it can be realized as early as January 2025.
The answer is nuanced since the implementation of the ban on the purchase of residential real estate by non-Canadians by the Canadian government, effective January 1, 2023 for a period of 2 years. It is still possible to purchase real estate if you are non-Canadian, but you must understand the new criteria.