In Real Estate & Immigration

Often I am asked by potential immigrants if their chances for Canadian immigration will be improved by their buying a home. They believe that with escalating home values in Canada (and particularly in the larger centres or Vancouver and Toronto), not only would such an investment be prudent, but it could perhaps assist in obtaining permanent resident status.

In short, the answer is no. Such home purchases neither help, nor hinder the immigration process. Purchasing a home does not guarantee or improve your chances of obtaining Canadian immigration. Just by showing that you have a commitment to being in Canada by a home purchase is not enough. Certainly, it does show that you may be well off and are not going to be a burden on the social or medical services of Canada, but buying such a home will not side step the various methods by which potential applicants must qualify for status. Eventually every successful applicant must show, upon acceptance , that they do have sufficient funds to support themselves for the first 6 months or so when they first arrive, but the sum required for this purpose is far less than even 1% of the actual value of a modest Vancouver condo!

Certainly business applicants can show that a Canadian home is part of their overall net worth which under certain avenues will assist such an applicant, but net worth is only one aspect out of many factors that Immigration considers before approving any such a business applicant.

So, as a foreign national, before you buy a home, make sure you know that you will have approved immigrant status before the purchase closes or at least make an offer that is subject to a condition of your obtaining permanent immigration status. However, if you still wish to purchase without approved status, then your next appointment must be with a Canadian accountant.

An Associate of

Crease Harman LLP