Foreign property investors have flooded the Canadian property market in the past years. We’ve seen a similar trend in the US, especially in cities like San Francisco and Los Angeles.
Personally, I like Canada a lot as it’s politically stable, has great infrastructure, healthcare, education, and a breathtaking nature, just to name a few.
I’m not alone and cities like Toronto, Vancouver and Ottawa have welcomed many Asians over the years, who have the same perception.
Here, you’ll find buyers who either want to relocate, send their kids overseas to study, or to have a safe place to store some cash assets.
As such, the property prices have increased much in the past years, especially in the bigger cities and in British Columbia (BC). Yet, it continues to be a hot spot for overseas investors.
Therefore, I decided to write this guide where you’ll learn how it works when buying real estate as a foreigner in Canada.
Topics covered in this article:
- Can foreigners buy property in Canada?
- Getting a residence permit when buying property in Canada
- What is the Non-Resident Speculation Tax (NRST)?
- Process when buying property in Canada
- Property taxes in Canada
- Best places to buy property in Canada
- Am I allowed to rent out the property as a non-resident foreigner?
Can foreigners buy property in Canada?
You have no general issues to buy properties in Canada as a non-resident foreigner. In fact, the buying process is pretty much the same as for local citizens.
The only major difference is that foreigners are subject to the so called Non-Resident Speculation Tax (NRST) that I will go into greater detail later.