If you are living outside Canada and all in readiness to get into the Canadian real estate market, then you are thinking in the rightful manner. Since Canada is one of those countries which symbolises true elegance and serene natural effulgence, several individuals are thronging in this part of the world. Thereby it gave an immense opportunity to the real estate broker to invest in quantum.
Listed below are few approaches which make your understanding much easier
Foreign ownership- The rules around foreigners purchasing real estate in Canada are not actually related to citizenship. Even the citizens of Canada who do not want to reside here for more than half the year are considered to be non-residents.
- Canada has the tenacity in welcoming home buyers from different parts of the world.
- It is to be noted that there are no such restrictions on the amount or kind of real estate which you can purchase.
- You should be keep in mind that owning a property in Canada does not provides you any immigration facilities and that you want to live here, you will still be qualifying under Canada’s immigration laws.
Financing-While the Canadian lenders do finance the home purchasers of non-residents; they in general do require significantly larger down payments. Most of our non-resident clients are being required to have 35% cash of down payment as being said by individuals providing Mississauga real estate broker .
Lenders will require you to verify income along with the credit worthiness and prove that you can pay the mortgage. Also the mortgage interest rates might turn out to be much higher than what Canadian residents would pay.
Taxes- as with any such investments, it is very important to contact your accountant in understanding completely how the purchase or sale of a property in Canada will be affecting you from the perspective of taxes.
While purchasing property in Toronto foreign buyers pay the same land transfers along with the taxes as Canadian residents. First time the home buyers who plan to use the purchase as their primary residence might be eligible for land transfer along with tax rebate as being said by individuals providing Condos for sale in GTA.