Can I immigrate by buying a property in Canada?

Many people of the world wish to immigrate to Canada. However, it seems an impossible task for a large group of enthusiasts. Consequently, people constantly look for alternative options. Could buying a property in Canada be an alternative option for immigrating to Canada? Or at least, could it help you boost your options? Let’s explore the answers to these questions.

Table of contents

Can foreign nationals buy properties in Canada?

Canada always welcomes foreign investment. Consequently, the Government usually does not say no to your investment. However, Canada is sensitive to money laundering. As a result, the source of buying a property must be clean. Of course, an accountant with an understanding of the subject matter could help you avoid potential issues. Regardless, you must have enough financial resources or secure enough funding to make the purchase.

The government of Canada imposes trade embargoes on some individuals or entities from time to time. Needless to say, depending on the nature of the sanctions, property ownership could be out of the question. Also, keep the following in mind:

  • If you purchase a home in Ontario you have to pay the Non-Resident Speculation Tax (NRST) rate of 20%. The government of Ontario used to charge a 15% tax only on purchases in the Greater Toronto Area (GTA). However, they increased the tax to 20% on March 30, 2022, and expanded it to the entire province of Ontario. Moreover, they closed a couple of loopholes to prevent people from dodging this tax.
  • Unfortunately, the Greater Vancouver Area has a similar policy. Moreover, they charge a Vacancy Tax if you do not occupy your residence.

Consequently, you probably need to stay away from Toronto and Vancouver and their surroundings if you do not expect to be a permanent resident soon.

Could you receive a mortgage as a foreign buyer?

Generally speaking, you may qualify for a mortgage as a foreign buyer. Although nothing is definite, you could consider the following guidelines:

  • If you are a US citizen with verified income, you could borrow up to 80% of the purchase price.
  • As a non-US foreign buyer with verified income, you could borrow up to 65% of the purchase price.
  • If you cannot verify your income, expect to post a 50% down-payment or more.

Of course, the bank has the final say. Regardless, make sure to shop around for the best deals. It’s no secret; buying a property is no easy task whether you intend to immigrate or not.

How buying a property could assist you in immigration to Canada?

At this time, there is no immigration option attached to buying properties in Canada. Consequently, you may not immigrate to Canada by purchasing a residential, commercial or industrial property alone. However, owning assets in Canada is a reflection of your attachment to the country. If you also show you have lived in your Canadian home, it could verify your establishment. Therefore, you could use property ownership in two potential ways:

  • In a PNP application buying a property in the province could be an indication of commitment. Consequently, the province is less worried you intend to leave the province after immigration. Of course, despite exceptional situations, property ownership is not a decisive factor.
  • If you are immigrating under H&C, owning a Canadian property could be a positive factor. However, the officer considers many other criteria before ruling in your favour.

Conclusion about buying a property and immigration to Canada

We could conclude that you must stay away from buying a property in hopes of immigrating to Canada. However, in exceptional situations, property ownership could indirectly assist you. Of course, you may consult with a professional to explore your personal circumstances.

Ask your questions

If you have an immigration-related question, fill out the following form. Of course, I’ll do my best to answer general questions under the Q&A category. A general question is like the one I answered here (i.e. Can I immigrate by buying a property in Canada?). However, if the question is case-specific, I’ll advise you to book a consultation session.

    Full Name (required)

    Email address (required)

    Have you entered your email address correctly?

    Your question (required):

    Related Posts

    Canada new Affordability Plan

    Know More About Canada’s Affordability Plan

    Sep 25, 2022

    Section 16(1) and 40(1) in Canadian procedural fairness letters

    Sep 25, 2022
    Canadian job vacancies in 2022

    Canada reported a record high of 997,000 job vacancies

    Sep 24, 2022
    international student with a job offer in Ontario

    Pathway for International Students with a Job Offer in Ontario

    Sep 23, 2022

    If you wish to visit or move to Canada, please fill out our free assessment form. We will review it for free, but we will contact you only if we find an opportunity for you. Alternatively, you may book a consultation session. Consultation sessions are not free, but you will receive formal advice from a licenced practitioner.

    Al Parsai, MA, DTM, RCIC
    Regulated Canadian Immigration Consultant
    Ashton College Instructor – Immigration Consulting
    Author – 88 Tips on Immigration to Canada

    Fill our Free Canada Immigration Assessment Form in your language!

    Disclaimer:
    This article provides information of a general nature only. Considering the fluid nature of the immigration world, it may no longer be current. Of course, the item does not give legal advice. Therefore, do not rely on it as legal advice or immigration advice. Consequently, no one could hold us accountable for the content of these articles. Of course, if you have specific legal questions, you must consult a lawyer. Alternatively, if you are looking for immigration advice, book an appointment.

    The characters and places in the articles:
    All the characters and locations in the articles are fictional, unless otherwise clearly stated. Therefore, any resemblance in names, dates, and places is coincidental.

    Important Notes:
    For our official addresses, trust this website only. We currently do not have offices outside Canada. Therefore, anyone who claims to be our agent is committing fraud. Also, note that we do not issue any work permits or study permits or similar documents. The government of Canada has the sole authority to issue such material.

    Click to read the disclaimer.

    Al Parsai

    Al Parsai is a Regulated Canadian Immigration Consultant (class L3 RCIC-IRB – Unrestricted Practice) in Toronto, Canada. He is an adjunct professor at Queen's University Law School and Ashton College. Al, who holds a Master of Laws (LLM) degree from York University, is a member of CICC and CAPIC organizations. Al, the CEO of Parsai Immigration Services, has represented thousands of applicants from more than 50 countries to the immigration authorities since January 2011.

    Do you have any questions?