Published 2 November 2026 · By Jatin Dua, Broker of Record, RE/MAX Quantum Realty
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Only a few can. To buy an existing home in 2027, an international student must have filed Canadian tax returns and spent 244+ days in Canada in each of the five previous years, pay $500,000 or less and buy just one home. Ontario’s 25% NRST still applies, plus 10% inside Toronto.
This guide is for international students in Ontario, and their parents, who want to know whether buying a condo or house in 2027 is possible and what it would really cost. You will get the exact federal test, the Ontario and Toronto taxes, the mortgage reality, and a clear view on when renting is the smarter move.
Can international students buy a home in Ontario in 2027?
A few can, most cannot, at least not yet. Three separate hurdles stand in the way, and you need to clear all three:
- The federal foreign buyer ban. International students are “non-Canadians” under the ban, so they need to fit a specific exception to buy an existing home.
- Ontario’s 25% Non-Resident Speculation Tax (NRST), plus Toronto’s 10% municipal version inside the city. There is no student exemption from either.
- A mortgage. Most lender programs for newcomers are built for permanent residents and people with work permits and full-time jobs.
The ban is currently set to end on 1 January 2027, but Budget 2026 (tabled 5 November 2026) proposes extending it for existing homes to 1 January 2029 and exempting new homes. That proposal is not law yet. My guide to what the foreign buyer ban catches explains the property types it does and does not cover.
What is the student exemption to the foreign buyer ban?
Section 5(a) of the federal regulations lets a student enrolled at a designated learning institution buy one home if every condition below is met. For a purchase in 2027, the five years that count are 2022 to 2026.
| Condition | What it means for a 2027 purchase |
|---|---|
| Tax returns | You filed every required Canadian income tax return for 2022, 2023, 2024, 2025 and 2026 |
| Time in Canada | You were physically in Canada at least 244 days in each of those five calendar years |
| Price cap | The purchase price is $500,000 or less |
| One home | You have not bought more than one residential property |
Source: Prohibition on the Purchase of Residential Property by Non-Canadians Regulations, SOR/2022-250, s. 5(a), current to 19 October 2026.
The 244-day rule is the one that rules most people out. It means roughly eight months a year in Canada for five straight years. A student who arrived in 2023, or who spent long summers at home, does not qualify in 2027. If you are close, count your days from your travel records and passport stamps before anything else.
Does a student with work authorization qualify under the worker rule?
The work rule in the same regulation is easier: 183 days or more left on your work permit or work authorization on the date of purchase, and not more than one home. It covers people who hold a work permit and people authorized to work under section 186 of the immigration regulations.
Section 186 includes full-time students at designated institutions who work off campus (up to 24 hours a week during a regular academic session), and graduates waiting for a decision on a work permit they applied for before their study permit expired. Whether a student’s off-campus work authorization can be used for the 183-day test, instead of the stricter student test, is a legal question. I have not seen an official ruling on it, so do not rely on it without a written opinion from a real estate lawyer.
Once you graduate and hold an actual work permit, the picture is clearer. The worker rule applies, and my guide to buying a house in Ontario on a work permit walks through it.
Can a student buy a condo under $500,000 in the GTA?
The $500,000 cap rules out a typical downtown Toronto condo but not every GTA market. Here are median condo apartment prices for the first ten months of 2026.
| Area | Median condo apartment price, Jan to Oct 2026 | Change vs same period 2025 | Under the $500,000 student cap? |
|---|---|---|---|
| Toronto C01 (downtown core) | $600,000 | -6.6% | No, median is above |
| Toronto C08 (downtown east) | $565,000 | -7.4% | No, median is above |
| Mississauga | $485,000 | -9.3% | Median is just under |
| Brampton | $415,000 | -12.6% | Yes |
| Hamilton | $380,000 | -9.5% | Yes |
| Oshawa | $340,500 | -14.3% | Yes |
Source: TRREB MLS data via REALM, January to October 2026 vs the same period of 2025. Municipality or Toronto district medians, not neighbourhood figures.
A median is the middle sale, so half of units sell for less. Smaller and older units in downtown Toronto can come in under $500,000. The test looks at the purchase price of the home, so ask your lawyer how the cap applies to your exact agreement before you offer.
Condo Valuation
What’s your condo
worth today?
Three quick steps. Condos don’t price like houses — your floor, your view, and whether you own parking move the number more than anything else. This weighs all of them.
Reading recent condo sales…
Estimated market value
—
$0–$0
Most likely $0 · about $0 per square foot
What moved the number
Starting from what comparable units in your area sell for, here’s what your specifics added or subtracted.
Market context
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Two units, same floor plan,
$90,000 apart.
That happens constantly in condos — one has the parking, the right exposure, or a board that keeps the reserve fund healthy. A model can’t see your status certificate. I can.
Do international students pay the 25% NRST in Ontario?
Yes. Ontario’s NRST applies to any foreign national, meaning anyone who is not a Canadian citizen or permanent resident, buying land with one to six single family residences anywhere in Ontario. Condo units count. There is no student exemption.
Ontario once offered a rebate for international students. It only applied to agreements signed on or before 29 March 2022, and the application deadline of 31 March 2025 has passed, so it is gone for good. Inside the City of Toronto, the 10% Municipal Non-Resident Speculation Tax applies on top, and the City has no student exemption either.
On a $480,000 condo, the NRST alone is $120,000. In Toronto, add $48,000 of city speculation tax, plus regular Ontario and Toronto land transfer tax. That cash is due on closing, on top of your down payment.
Can I get the NRST back if I become a permanent resident?
Yes, if you meet every condition. Ontario’s permanent resident NRST rebate refunds the whole tax if:
- you become a permanent resident within four years of the purchase date;
- you hold the home alone or only with your spouse;
- you start living in it as your principal residence within 60 days of registration and keep living there until you apply or meet the conditions; and
- Ontario receives your application within 180 days of the day you became a permanent resident.
That 180-day clock starts on the day you become a permanent resident, not when your PR card arrives. The card often comes later, and Ontario warns that waiting for it can make you miss the deadline. Use your Confirmation of Permanent Residence instead. City staff told Toronto Council in 2024 that the city tax would mirror Ontario’s rebates, including this one, but confirm the current city process with your lawyer. My NRST explainer covers the rules in more depth.
Can an international student get a mortgage in Canada?
It is hard, and it depends on the lender. CMHC, the federal housing agency, insures mortgages for non-permanent residents only if they are legally authorized to work in Canada, such as with a work permit. At least one borrower or guarantor needs a 600 credit score, though CMHC may accept an international credit report or a bank reference from home. Non-permanent residents cannot use borrowed money for the down payment.
The big-bank programs I reviewed are aimed at permanent residents and work permit holders with full-time jobs. TD’s newcomer program, for example, asks for a valid work permit, a move to Canada within the last two years and at least three months of full-time work in Canada. A student working part-time will usually not fit these programs, and should expect to put down at least 20% if a lender will consider them at all.
A Canadian parent or relative can sometimes help as a co-signer. Read what a co-signer or guarantor changes first, because adding someone to title can change the tax picture.
Can my parents buy a condo for me while I study in Ontario?
Not if they are foreign nationals buying an existing home while the ban is in force. The ban has no exception for parents of students, and it covers purchases made directly or indirectly. If the Budget 2026 new-home exemption becomes law, parents abroad may be able to buy a new home, but the 25% NRST, and 10% more in Toronto, would still apply.
Mixing owners does not lower the tax. Ontario charges the NRST on the full price if any one buyer is a foreign national. If a Canadian cousin and a foreign parent buy together, the whole price is taxed, and every buyer is liable to pay it.
Do not put a home in a Canadian friend’s or relative’s name while your family pays for it and you live there. Ontario audits arrangements where a citizen holds property in trust for a foreign national, and the federal Act can fine anyone who knowingly helps a prohibited purchase up to $10,000. Get a real estate lawyer’s opinion before any money moves.
Should an international student rent or buy in 2027?
For most students, renting through school and buying after permanent residence is the better plan. Becoming a permanent resident removes the federal ban, the 25% NRST and Toronto’s 10% tax, and opens the first-time buyer land transfer tax rebates. Paying $120,000 or more in tax today and hoping to win a rebate within four years is a large bet on an immigration timeline you do not control. If you do qualify now and plan to stay, buy below the cap, buy something easy to resell, and have every condition checked in writing.
If you are planning ahead, the newcomer guide to buying in the GTA sets out the steps once your status changes.
What to do next
- Count your days in Canada for each of the last five calendar years and check that every tax return was filed.
- If you have work authorization, ask a real estate lawyer for a written opinion on whether the worker rule or the student rule applies to you.
- Use the condo estimator above to test real prices against the $500,000 cap in the areas you like.
- Add the 25% NRST, and 10% more in Toronto, to your cash budget, and plan your permanent residence timeline against the four-year rebate window.
- Speak to two lenders before you shop to see whether either will finance you as a student.
Need help with this? Talk to me.
I’m Jatin Dua, Broker of Record at RE/MAX Quantum Realty, and I’m the best agent to do this kind of work for you in Toronto and across the GTA. Over $100 million in GTA sales and 100+ families helped sell. Feel free to contact me any time: call or text 833-330-1925 or email [email protected].
Frequently asked questions
Can international students buy a house in Canada in 2027?
Only a few can. Under the federal foreign buyer ban, a student must have filed Canadian tax returns for the five years before the purchase year, spent at least 244 days in Canada in each of those years, pay $500,000 or less and buy only one home. Ontario’s 25% NRST still applies, plus 10% in Toronto.
Can I buy a condo in Toronto as an international student?
Yes, but only if you meet the federal student test, and the price must be $500,000 or less. The median downtown Toronto condo (district C01) sold for $600,000 in January to October 2026, so options are limited. You would also pay Ontario’s 25% NRST and Toronto’s 10% MNRST on the price, plus land transfer taxes.
Is there a student exemption from the Ontario NRST?
No. As of November 2026, Ontario’s 25% Non-Resident Speculation Tax has no student exemption. The old international student rebate only covered agreements signed by 29 March 2022, and its 31 March 2025 application deadline has passed. A student who becomes a permanent resident within four years may qualify for the permanent resident rebate.
How many years do international students need to be in Canada to buy property?
Five. The federal regulations require a student to have filed all required tax returns for each of the five tax years before the purchase year and to have been physically present in Canada at least 244 days in each of those five calendar years. For a 2027 purchase, the years are 2022 to 2026.
Can international students get a mortgage in Canada?
Sometimes, but it is difficult. CMHC insures mortgages for non-permanent residents only if they are legally authorized to work in Canada, and big-bank newcomer programs mostly target permanent residents and work permit holders with full-time jobs. Students should expect lender-by-lender answers in 2027 and a down payment of at least 20% if a lender agrees.
Can my parents buy a condo for me in Ontario while I study?
Not an existing home, if your parents are foreign nationals, while the federal ban is in force. There is no exception for parents, and the ban covers indirect purchases. Budget 2026 proposes exempting new homes, but that is not law yet, and Ontario’s 25% NRST would still apply to the full price.
Can I buy a house in Ontario after I get a work permit following graduation?
Usually yes. Once you hold a work permit with at least 183 days left on the date of purchase, the federal worker exception lets you buy one home. You would still pay Ontario’s 25% NRST, and Toronto’s 10% MNRST inside the city, unless you buy with a citizen or permanent resident spouse or another exemption applies.
Can I get the 25% NRST refunded if I get permanent residence?
Yes, if you become a permanent resident within four years of the purchase, hold the home alone or with your spouse, live in it from within 60 days of registration, and apply within 180 days of becoming a permanent resident. The 180 days start on your PR date, not when the card arrives.
Will the foreign buyer ban end for international students in 2027?
Probably not for existing homes. The ban is scheduled to end on 1 January 2027, but Budget 2026 proposes extending it on existing and resale homes to 1 January 2029, while exempting new homes. As of November 2026 that change still needs legislation, so check the law in force on your purchase date.
Sources
- Justice Laws: Prohibition on the Purchase of Residential Property by Non-Canadians Regulations (SOR/2022-250)
- Justice Laws: Immigration and Refugee Protection Regulations, section 186
- Budget 2026, Chapter 3: A more affordable life
- Ontario Ministry of Finance: Non-Resident Speculation Tax rebates and refunds
- City of Toronto: Report for Action, Municipal Non-Resident Speculation Tax (January 2024)
- CMHC: CMHC Newcomers mortgage loan insurance
- TD Canada Trust: Mortgages for Newcomers
- Ontario Ministry of Finance: Non-Resident Speculation Tax
Related reading
- Foreign Buyer Ban 2027: What Budget 2026 Changes (Extension to 2029, New Homes Exempt)
- Can Foreigners Buy New Construction Condos in Toronto in 2027?
- Foreign Buyer Ban Exemptions in Canada for 2027: Who Can Still Buy
- Ontario Non-Resident Speculation Tax (NRST) in 2027: 25%, Refunds and Exemptions
About the author — Jatin Dua, Toronto and GTA real estate broker
I am Jatin Dua, Broker of Record and co-founder of RE/MAX Quantum Realty Inc., Brokerage, Unit 101, 799 The Queensway, Toronto. I work with buyers and sellers across Toronto and the GTA and have helped more than 100 families sell. Four-plus years of active GTA transactions and over $100 million in sales volume.
Reach me at [email protected] or 833-330-1925, or book a call.