Can NRIs Buy Property in Toronto? Rules, Costs and Practical Steps

The short answer

Federal restrictions apply to non-resident purchases — exemptions exist by status and property type

That single sentence decides the structure of your purchase, so confirm it in writing for your exact status — resident Indian, NRI or OCI — before you spend money on diligence.

Moving the money

Indian residents remit under the Liberalised Remittance Scheme, which caps outward remittance per financial year per person. Families routinely plan a purchase across more than one remitter and more than one financial year; NRIs funding from overseas income are outside that constraint.

Document the source of funds from the first transfer. Every jurisdiction in this list runs anti-money-laundering checks at completion, and incomplete paperwork stalls transfers far more often than financing does.

What the asset should return

3.5–4.5% gross gross in Toronto. Net of service charges, management and vacancy, assume meaningfully less — and assume currency movement will matter as much as rent over a ten-year hold.

On taxation: land transfer tax (municipal and provincial), non-resident speculation tax where applicable India taxes global income for residents, so model the Indian side and the local side together, not separately.

The sequence that works

Objective, then jurisdiction, then structure, then asset. Reversing that order — falling for a specific apartment and then asking whether you can own it — is what produces nominee arrangements, unusable title and unsellable stock.

Process in Toronto: Offer, conditions period, closing with a Canadian lawyer — four to eight weeks.

One thing to watch

Confirm eligibility under current federal rules for your exact status before spending on diligence.