Buying in Canada after the ban? Start with the full cost.

What changed—and what has not been decided

This October 10, 2026 edition establishes the baseline for our five-day updates. The current statutory schedule points to January 1, 2027; it is not confirmation of a reopening. We will distinguish a proposal or announcement from an enacted change and its effective date. [2]

The previous extension was announced on February 4, 2024 and enacted on June 20, 2024. The lack of a similar announcement by a particular point in the autumn cannot establish what the government will do next. [4] [5]

Living overseas is not the same as being prohibited from purchasing. Canadian citizens and permanent residents are outside the Act’s individual non-Canadian definition; other buyers may qualify only under particular exceptions. Eligibility turns on the person or entity, property and transaction. [1] [3]

A condo, a townhouse or a detached home: a dated comparison

TRREB’s September 2026 GTA monthly average sale prices were C$605,257 for condo apartments, C$820,637 for townhouses and C$1,292,016 for detached homes. These averages describe transactions during that month. They are not current asking prices, appraisals, HPI benchmark values or a promise of what a starter home costs in your chosen neighbourhood. [11]

GTA aggregates cover a broad geography and mix of homes. We do not calculate a price per square foot from these averages because they do not come with a matching, consistent interior-area measure.

How the same CAD budget looks in another currency

These translations use Bank of Canada daily reference rates observed on October 9, 2026, the business day before this Saturday update. Divide the Canadian-dollar figure by CAD per foreign unit to get the equivalent in that funding currency. The rate is indicative; a bank or transfer provider will use its own quote and fees. [9] [10]

Amounts are rounded to the nearest unit of the funding currency, using unrounded conversions. These are indicative purchase-price translations, not bank quotes or all-in budgets. PKR and AED are omitted numerically because a current official observation could not be verified; no stale rate has been substituted.

Build the purchase budget in layers

First calculate the property price. Then add the taxes that apply to your status and location, legal and closing costs, financing costs and currency-conversion charges. Keep a separate reserve for operating costs and unexpected repairs. The foreign-currency table above includes only the purchase-price reference.

A taxable foreign purchase in Ontario can attract 25% Non-Resident Speculation Tax. A purchase within the City of Toronto can also attract its separate 10% Municipal Non-Resident Speculation Tax. Both are separate from ordinary land transfer taxes, and exemptions and specific transaction rules need review. A federal repeal would not automatically remove them. [6] [7]

For illustration only, if a C$800,000 purchase is fully subject to Ontario’s 25% tax, that tax alone is C$200,000. If the same entire base is also subject to Toronto’s 10% tax, the municipal amount is another C$80,000. This is not a quotation or a full closing-cost estimate; it assumes no exemption and excludes ordinary land transfer taxes and other costs. [6] [7]

Outside Ontario, check the actual provincial and local regime. For example, BC’s 20% additional transfer tax applies to the fair market value of a taxable foreign buyer’s proportionate residential interest in specified regional districts; it is not a Canada-wide or provincewide surcharge. [8]

A cooler market is a starting point, not a guaranteed return

September’s GTA HPI benchmark was 4.7% below a year earlier. TRREB reported 5,040 sales and 26,131 active listings. These are GTA-wide observations; a local search needs a narrower comparison of home type, condition and recent competition. [11]

A possible increase in international demand is one scenario. Another is a limited response because taxes, financing or currency costs outweigh the perceived opportunity. The right shortlist should fit the buyer’s use and budget under both scenarios.

An exchange-rate benefit can reverse after purchase. If the Canadian-dollar property value is unchanged but the Canadian dollar falls against the funding currency, the translated value falls. The opposite movement can help. Neither currency nor property appreciation is assured.

For an investment, test income before predicting appreciation

Calling a home an investment property does not establish a return. Use evidence for achievable rent, vacancy, property taxes, insurance, maintenance, condominium fees and management. Calculate net operating income before financing, then assess cash flow after mortgage payments separately.

This first edition does not quote a rental yield because we have not established a property-specific rent and expense set. A transparent incomplete calculation is more useful than a precise-looking return built on unrelated averages. Stress-test lower rent, repairs, a longer vacancy and an unfavourable exchange rate.

A practical international-buyer preparation plan

• Confirm citizenship or residency status, ownership structure and legal eligibility before an offer. Buying a property and immigration permission are separate matters.
• Ask a lender to assess the income, documents, down payment and property you would actually use. Do not assume an overseas borrower will receive the same terms as a resident buyer.
• Compare neighbourhoods around your intended use, commute, services and preferred housing. A school’s location does not establish admission eligibility.
• Choose a team member to help narrow the search, then obtain independent legal, tax and financing review before committing. A future closing date is not a shortcut around the current prohibition. [3]

Questions buyers ask