Can I Get Residency in Canada if I Buy a House?
Many countries in the world offer residency for foreigners who purchase property in that country, such as: Greece, Portugal, Spain, Malta, Turkey, Antigua and Barbuda, Dominican Republic, Grenada, St. Lucia, and other locations.
So, what about Canada?
Canada is a top immigration destination for many, and many wonder if by purchasing property in Canada, they can secure Canadian residency. Let us answer this question thoroughly, so get comfortable and keep reading this article.
Table of Contents
Can foreign nationals buy a house in Canada?
First and foremost, the answer to this question is yes!
Foreign nationals are allowed to purchase property in all parts of Canada, however, an additional tax is required to be paid and the down payment is usually higher compared to the requirements for Canadians.
In addition, according to the quite recent Prohibition of the Purchase of Residential Property by Non-Canadians Act, foreign nationals can only purchase recreational cottages or vacation homes.
Thus, you will not be able to buy property which otherwise would be used as a residential property by Canadian residents or citizens.
The purpose of this Act is to normalize the prices of the properties, since average Canadians find it challenging to buy the properties with the salaries they earn, and foreign nationals were driving prices up, purchasing the residential properties and keeping them empty most of the time of the year.
Could you receive a mortgage as a foreign buyer?
Foreign buyers in Canada are eligible to receive a mortgage, but they must meet certain requirements. According to the Canadian Mortgage and Housing Corporation (CMHC), non-permanent residents of Canada can receive a mortgage with a down payment of as little as 35% of the purchase price of the property.
Foreign buyers who are permanent residents of Canada or have work permits are eligible for the same mortgage terms as Canadian citizens, which typically require a down payment of at least 5%. However, they are still subject to the same lending criteria and credit checks as Canadian citizens.
How could buying property assist you in immigration to Canada?
Unfortunately, by purchasing property in Canada, you will not be able to help yourself strengthen your candidacy for permanent residency in Canada.
However, on your Express Visa Entry Application, owning property in Canada might be a good indication of your financial welfare and ability to economically support yourself and your family in Canada, which is important criteria for getting approved for the permanent residency visa.
You might get extra points in the adaptability section for owning housing in Canada.
Owning property in Canada can show your seriousness about settling in Canada and your potential to positively affect the Canadian economy.
Can I get residency in Canada if I buy a house?
Purchasing a house in Canada does not guarantee residency, but it could increase your chances of being approved for residency.
According to Canada’s immigration website, “buying a property in Canada does not give you any special rights or advantages in the immigration process.”
However, owning property can demonstrate a strong tie to Canada, which is one of the factors considered in the Canadian immigration process.
Conclusion
Despite owning property in Canada, individuals seeking Permanent Residency in Canada will not gain any additional advantage in the process. Skilled foreign workers applying for Canadian permanent residency must meet all eligibility requirements based on their work experience, education, English or French language skills and other factors, regardless of their nationality or any property ownership in Canada.
According to the Canadian government’s official website, “ownership of property in Canada does not give a candidate any additional advantage in gaining permanent resident status,” as it is not one of the selection factors for economic immigration programs.
These programs include the Federal Skilled Worker Program & the Federal Skilled Trades Program, and the Canadian Experience Class Program.
Therefore, individuals who own property in Canada should not expect it to enhance their chances of obtaining permanent residency. The decision is primarily based on a combination of factors that are deemed important for the Canadian economy and society, regardless of property ownership.
Let’s check today if you are eligible to apply for Canadian permanent residency with our Canadia Visa Exprets which program you qualify for and steps you need to take in order to get approved for the visa.
Discover Frequently Asked Questions from Our Support
Can I own a house in Canada as a foreigner?
Yes, it is possible for foreigners to own a house in Canada. However, there may be certain restrictions, depending on the province or territory, and ownership rights may differ for non-residents. In some cases, foreigners may be required to obtain approval from the government or submit additional documentation.
How long can I stay in Canada if I own property there?
As an owner of property in Canada, you may be thinking about an extended stay in the country. The answer to this question depends on several factors, such as your citizenship, visa status, and the intended purpose of your stay.
Generally speaking, if you are a non-Canadian citizen, you may be granted a visitor visa upon entry to Canada, allowing you to stay for up to six months in the country.
Can I own a house in Canada without PR?
According to the Canadian government regulations, non-residents can purchase properties (such as a house) in Canada without obtaining permanent residency status. However, there are certain rules and restrictions in place for non-residents owning property in Canada.
Can I buy a house and not live in it Canada?
According to Canadian law, you can purchase a home in Canada even if you do not intend to live in it.
