New immigrants to Canada may not be familiar with the real estate process, or know what they have to do in order to be eligible to buy a home here. Below are some answers to common questions about buying real estate for new Canadians - for more information, reach out to our team.
Yes! Newcomers to Canada are eligible to buy real estate with no extra restrictions. They would still need to meet the financial and other requirements that any homebuyer would, but there are no additional requirements because they’re new to the country.
As of January 1st, 2023, the Prohibition on the Purchase of Residential Property by Non-Canadians Act went into effect which includes a two-year ban on the purchase of a home in Canada by non-Canadians. This prohibition is scheduled to run through December 31st, 2024.
Prior to January 01, 2023 there were no laws requiring a property buyer to be a Canadian citizen. Anybody could purchase property in Canada, whether they were a citizen, permanent resident, in the country temporarily, or a citizen of another country who wished to invest in Canadian property. Before the new Act went into effect, anybody could purchase property in Canada, whether they were a citizen, permanent resident, in the country temporarily, or a citizen of another country who wishes to invest in Canadian property.
Like with buying a home, a newcomer to Canada is eligible for a mortgage as long as they meet the financial requirements just like any other Canadian, and non-residents can qualify for a mortgage in Canada if they meet the other requirements to obtain one.
Many newcomers to Canada face the challenge of not having an established credit or employment history here. However, many lenders have special programs specifically designed to help newcomers get a mortgage despite these challenges. These programs typically have a few specific requirements to be eligible:
For more information on the steps to buying a home, click here.
Absolutely! We work with buyers in all types of situations, and love helping new Canadians achieve the dream of home ownership in Canada. To find out more, contact us today.