Overview
Buying a home in Canada
Buying involves more than a down payment. Newcomers should confirm whether federal purchase restrictions or exemptions apply, obtain independent financing advice and budget for closing and ownership costs.
Check whether the buyer may purchase
Federal restrictions on certain non-Canadian purchases have exemptions and geographic definitions, and provinces may impose foreign-buyer taxes or speculation rules. Immigration status alone does not answer every property-law question.
Verify the rules before making an unconditional offer.
Qualify for financing
Lenders assess income, down payment, debts, credit and the mortgage stress test. Newcomer programs can use alternative documentation but still require affordability.
A pre-approval is conditional and can change after appraisal or employment review.
Budget beyond the purchase price
Allow for land-transfer tax, legal fees, title insurance, inspection, appraisal, adjustments, moving, repairs, condominium fees and property tax. Mortgage-default insurance can apply to smaller down payments.
Keep an emergency reserve after closing.
Use independent professionals
A real-estate lawyer or notary handles title and closing, while an inspector assesses visible condition. A seller’s agent does not represent the buyer’s interests unless the provincial arrangement says so.
Read financing and inspection conditions before waiving them.
Frequently asked questions
Questions about buying a home in canada
Can every temporary resident buy a home?
No simple rule applies; check the current federal prohibition, exemptions and provincial taxes.
Is mortgage pre-approval guaranteed financing?
No. Final approval depends on the property and updated borrower information.
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