Temporary residents studying in Canada are considered foreign buyers subject to the current prohibitions unless they meet ALL of the following:
- have a student visa and are enrolled in a recognized academic institution and field of study
- have filed Canadian income tax returns for each of the 5 taxation years preceding a purchase
- have been physically present in Canada for a minimum of 244 days in each of the 5 calendar years preceding the purchase
- can only purchase a property valued at less than $500,000
They can buy undeveloped property, MDUs of more units or more, and property outside a census metropolitan area.
This pretty much prevents foreign students from purchasing houses, who knows if the prohibition will go on past the 2025 sunset.
Effective as of January 1, 2023, the Prohibition on the Purchase of Residential Property by Non-Canadians Act (the “Act”) prevents non-Canadians from buying residential property in Canada for 2 years.
www.cmhc-schl.gc.ca