If you’re an international student in Canada, you might be wondering — can you buy a house while on a study permit? Maybe you’re tired of paying rent or thinking about staying here long-term. Here’s a simple breakdown of what you need to know.
Can International Student Buy House in Canada?
Yes, but only under certain conditions.
Canada currently has a foreign buyer ban in place (until 2027), which restricts most non-Canadians from buying residential property. However, international students can be exempt, if they meet these five criteria:
- You’ve lived in Canada for at least 5 years.
- You were physically present in Canada 244 days or more per year during that time.
- You filed Canadian income tax returns for each of those 5 years.
- You’re buying a property worth $500,000 or less.
- You haven’t purchased any other property in Canada during the ban period (2023–2027).
Most international students don’t qualify because they haven’t been in the country long enough. This exemption is really for long-term students who have put down deep roots.
Read: How to Open a Bank Account in Canada as an International Student
Can You Get a Mortgage as a Student?
This is where it gets even tougher. Even if you qualify to buy, getting approved for a mortgage is a whole other challenge.
Banks will usually ask for:
- A large down payment — often 35% or more
- Strong proof of income (part-time jobs don’t always cut it)
- A Canadian credit history Or
- a co-signer or guarantor based in Canada
- And without a work permit or permanent residency, most lenders will either reject the application or offer higher interest rates.
Here’s the honest truth:
If you’ve only been in Canada for a year or two, buying a house is probably not worth the stress – or the financial risk. Rent might be expensive, but property ownership comes with legal responsibilities, high upfront costs, and long-term commitment.
However, if:
- You’ve been here 5+ years You’re planning to stay permanently.
- You have a solid income or financial support
- You’ve found a property under $500K
If you’re just starting out as a student, here’s what we recommend:
- Focus on building your credit.
- Look into PR or work permit options
- Start saving for a down payment.
- Consider buying only when you’re financially and legally ready.
Read: Buying a Car as an International Student
Owning a home in Canada as an international student isn’t impossible – but it’s not easy either. For most students, it’s better to rent, build your finances, and plan for property ownership later, once you have permanent residency or stable income.