Canada’s ban on foreign buyers of residential property is set to expire on January 1, 2027, and the National Post reports the finance minister is still weighing whether to let it lapse, extend it, or replace it with something closer to Australia’s model, where foreigners can buy only newly built homes.
I get asked about this every week, usually by someone who has just arrived in Surrey and is renting in Newton or Guildford while the family settles. So let me separate two things that get mixed up.
The ban was never about most newcomers
If you hold a work permit, a study permit with the required conditions, or permanent residence, you were allowed to buy through the whole period of the ban. The rule hit non-residents buying from abroad. For the people I actually sit across from, the ban was a headline, not a barrier. The real barrier was the mortgage.
What actually decides whether you can buy
Lenders care about three things from a newcomer: proof of income in Canada, a credit history here, and the down payment’s paper trail. Each one can be arranged, but none can be rushed.
- Credit. A Canadian credit file needs about six months to show anything. Get a credit card the week you arrive, use it for groceries, pay it in full. Two accounts are better than one.
- Income. Most banks want a job letter and recent pay stubs, and for self-employed arrivals it gets harder. There are new-to-Canada programs with lower documentation, and B-lenders that read bank statements instead of tax returns.
- Down payment. Money coming from overseas needs a 90-day history. Start moving it now, into one Canadian account, and keep every transfer record.
Why the next 60 days matter either way
If the ban lapses, more buyers enter the market in January and the homes you’ve been watching get competition. If it’s extended, nothing changes for you and you’ve lost nothing by being ready. Both roads lead to the same preparation.
The clients who buy in their first year here are the ones who started the paperwork in month one. Call me, bring whatever documents you have, and I’ll tell you which program fits and what’s still missing. The first call doesn’t touch your credit.
