Int’l students reportedly exempted from Canada’s two-year ban on foreign home buyers

Canadian study permit holders can do many things in the country. They can work part-time, start their own business and even buy a house.

While the Canadian government is imposing a two-year ban on foreign nationals from buying houses in Canada to cool the market, immigration.ca reported that permanent residents and international students will still be able to purchase homes in Canada.

House prices in the country have been skyrocketing. The Associated Press in Ottawa reported that prices climbed by more than 20% last year, while rental rates have also been rising. The government has been under pressure to cool the overheated market.

“Making life more affordable starts with addressing housing affordability,” said Canadian Prime Minister Justin Trudeau in a statement.

“Everyone deserves a safe place to live, raise their family, and build their future. Budget 2022 will help put the dream of home ownership back in reach for more Canadians across the country, and protect them from unfair practices that drive up prices.”

A study from Statistics Canada revealed that the annual median salary in Canada for post-graduation work permit (PGWP) holders have nearly doubled within a decade. Source: Daniel Slim/AFP

Canadian study permit holders in colleges, universities exempted

According to reports, foreign investors do not include Canadian study permit holders studying at Canadian colleges and universities.

Some students head to Canada not just to study, but to eventually work and settle down to contribute to the country’s growth and development. 

The country is also looking to give Canadian study permit holders options to become permanent residents. This is part of a greater initiative to encourage immigration to Canadian shores. 

“Our message to international students and graduates is simple,” Immigration Minister Sean Fraser previously told ApplyBoard. 

“We don’t just want you to study here. We’re hoping to create pathways that allow you to stay here and make a lasting contribution beyond your academic career.”

Despite the counter’s efforts to woo more talent into the country, Canada is sitting on an immigration backlog of nearly two million.

Data from the Immigration, Refugees and Citizenship Canada (IRCC) show the numbers include applications for citizenship, Canadian permanent residency, study permits, temporary work visas, and visitor visas.

According to reports, there is no residency or citizenship requirement for buying and owning property in Canada. Temporary residents can also get a bank loan. Scotiabank, for instance, offers a Mortgage Program for Temporary Residents.