One Bloor West, for buyers from abroad.

Canada’s prohibition on residential purchases by non-Canadians is currently legislated to expire on January 1, 2027. It applies at the moment a purchase agreement is signed — so pre-construction agreements signed while the ban is in force are caught even if closing comes later. Exemptions exist, notably for holders of a valid Canadian work permit with at least 183 days remaining, and for those purchasing with a Canadian spouse or partner.

The rules are under active federal review, including a model that would permit foreign purchases of new construction. What that means practically: international buyers should register and prepare now, and act on the rules as they stand when One Bloor West’s sales open — with advice specific to their status.

Ontario applies a 25% Non-Resident Speculation Tax province-wide to purchases by foreign nationals. It is fully rebatable if the buyer becomes a Canadian permanent resident within four years of closing and occupies the home as their principal residence — which makes the NRST, for many families relocating to Toronto, a refundable timing cost rather than a permanent one.