Resources For International Buyers
Tailored for Toronto and surrounding areas
INTERNATIONAL BUYERS’ GUIDE
The rules around foreigners buying real estate in Canada aren’t related to citizenship, so there’s no restriction on how much property or the type of property you can purchase.
The Toronto Real Estate Market has seen strong price appreciation due to large consumer demand and favorable economic factors. The enduring confidence in our real estate market is underlined by our low interest rates, low Canadian dollar, strong regional economy, and below average unemployment rates. Which is why so many immigrants come searching for jobs in Toronto, and why so many foreign investors choose to invest in our real estate market.
This guide will touch on all the important facets whether you’re buying a home while you’re studying in Canada, or are looking for a new home, a second home, or are looking for an investment property.
Foreign Buyers' Tax
As of April 2017, we have a Non-Resident Speculation Tax (NRST). It adds 15% to the purchase price of all homes within the Greater Horseshoe purchased by foreign speculators. The tax is specifically targeted at foreign buyers who are looking to park their money in our market. Thankfully, immigrants and anyone with a student visa or a work visa is except the levy. Read more about the foreign buyer’s tax here.
Does investing in Canada give any special immigration privileges?
Owning property in Canada does not give you any special immigration privileges. To see if you qualify to immigrate to Canada, check out the Government of Canada website, Immigration and Citizenship. Unless you’re have a work visa, student visa or permanent residence, you can only stay in Canada for less than 6 months at a time. Some visitors have “flag poled”, where they stay for 6 months, and then leave for a few days before coming back. This practice constitutes living in Canada, disguised as a visitor, and will eventually get you barred from the country.