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Buying Your First Home in Canada: What Newcomers Need to Know
This guide has information about the process of buying a home in Canada, including:
- Types of homes
- The process of buying a home, from making an offer to home inspection to closing
- Financing, down payments, mortgage insurance, credit score and history
- Real estate agents, builders
*NOTE: Prohibition on the Purchase of Residential Property by Non-Canadians Act from January 1, 2023 and January 1, 2025 Temporary Residents cannot buy a residential property in Canada with the following exceptions:
- Study Permit holders can purchase a residential property as long as they have been physically present in Canada for a minimum of 244 days in each of the 5 calendar years preceding the year in which the purchase was made. They must also have filed income tax returns for the past 5 years and are restricted to a purchase that does not exceed $500,000
- Work Permit holders can only purchase a residential property if they have a valid work permit and have worked full-time in Canada for at least 3 years within the 4 years preceding the year in which the purchase was made. They must also have filed income tax returns for the 3 years that they worked full-time.
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February 7, 2023