The Prohibition on the Purchase of Residential Property by Non-Canadians Act has been extended by the Canadian government until January 1st, 2027. This policy, originally aimed at bolstering the availability of housing units for Canadian buyers, will now remain effective for an additional two years (originally to end in 2025).

The Act and Regulations provide exceptions for the following persons:

  • Temporary residents working in Canada, if they:
    • hold a valid work permit or are authorized to work in Canada
    • have worked full-time in Canada for at least 3 years within the 4 years preceding the year in which the purchase was made
    • have filed income tax returns for 3 of the 4 taxation years preceding the year in which the purchase was made
    • have not previously purchased a residential property in Canada while the prohibition is in effect

More details can be found here: The Prohibition on the Purchase of Residential Property by Non-Canadians Act

Earlier you could buy a property by paying a Foreign Buyer Tax or NRST. On October 25, 2022, the NRST rate was increased from 20% to 25% and expanded to all regions of the province. However, this amount was reimbursable when you got your Permanent Residence (PR).

Rules keep changing so please contact Team Kalia, who can put you in touch with seasoned mortgage specialists, and help you buy your first home in the GTA.

You may want to also explore the Rent Now – Buy Later Program.