With the way that the Canadian real estate market is booming, it has gained a lot of popularity in the eyes of international buyers. There are several foreign investors that are hoping to put their foot into the real estate market of Canada so that they can have a reliable place to put their investment in, where it can grow.

Various Residency Statuses in Canada

First are those who are citizens of Canada, who are granted citizenship when they are born or are naturalized later in their lives. These individuals have every right to enter and stay in the country freely, have a Canadian passport, and have the right to vote in elections.

Then come the permanent residents that have been authorized to live and work in Canada on a permanent basis and have several similar accesses such as the citizens do. They have access to free healthcare but do not have the right to vote or run for government office. They also don’t hold a Canadian Passport.

Some hold a “deemed” residency status in Canada who have been in Canada for more than six months at a time and have formed residential ties to the country. They don’t have as many rights as the residents of Canada do. They will still pay the taxes but will not be granted special privileges.

Lastly are the non-residents of Canada. It is exactly what it sounds like. Nonresidents of Canada cannot stay within the country permanently, don’t have any special rights as those that permanent residents and citizens of Canada do. You may also refer to these individuals as temporary visitors of Canada.

Can Foreigners Buy Property in Canada?

There are currently no laws that would stop anybody who is a foreigner from buying property in Canada. These individuals can either be citizens, Permanent residents, nonresidents, or deemed residents. As long as they can afford it, they will be able to buy land in Canada.

Do Canadian Banks Lend to Foreigners Seeking to Buy Land?

Canadian banks will indeed lend to foreigners, but it will be under several conditions. There are stringent conditions for citizens already, and they become even more difficult for nonresidents. Any individual that is a foreigner and is seeking to purchase a property in Canada will need to provide a mountain of documents to support that they have enough funds in place for a down payment, that they will be able to pay the mortgage down the line, are creditworthy as a borrower, and much more.

A Reliable Real Estate Agent Helps

Difficult as these conditions are, the process becomes fairly straightforward when a real estate agent is guiding you through it. Chances are, they have done this a hundred times. This process will not be as overwhelming for a real estate agent as it will be for you who was a foreigner and a first-time home buyer in Canada.

Reach out to a reliable real estate agent now to get the process started.