Numerous Business Tycoons from the USA, Asia, Africa, Europe, and Australia generally have dreams to own a beautiful house in Canada. Canada is a land of opportunities to stay and enjoy its natural elegance. The cold climate and rich culture of the nation attract foreigners from hot countries to visit it. People from various countries buy houses in Canada for retirement, family or leisure purposes.
Who can buy a house in Canada?
Are you planning to buy a house in Canada being a non-resident buyer? If yes, then, here are some useful guidelines on how to purchase a non-resident home in the country. Anyone from any nation, across the world, is welcome to buy a houses in Toronto, Canada without any restriction on the real estate property he/she desires to purchase. Canadian non-residents are now required to pay 15% Non-Resident Tax on the purchase price of the real estate w.e.f. April 21, 2017. The tax applies in certain places in the country.
Who is non-resident in Canada?
First, Non-Residents are those people who live in other countries except Canada. Secondly, a Non-Resident can also be a citizen of Canada who has not lived in the country for over a period of 6 months.
- Financing Options:
The Canadian Lenders generally require a significant down payment from the Non-Residents after verifying their income or credit qualities. The confirmation of assets allows them to prove that they can pay the mortgage when they buy their first home in the country.
- Taxes to pay in Canada for Non-resident Buyers:
You must have an accountant advise you to understand the requirement before purchasing your new homes in Mississauga. You have to pay different tax rates in different parts of the nation. You've to pay taxes on Property, Land Transfer, and Income also Non-Resident Speculation (https://www.fin.gov.on.ca/en/bulletins/nrst/) to buy a home in Toronto.
- Insurance facilities for non-residents in Canada:
In Canada, a non-resident buyer requires a proof of home insurance to access a loan agreement. Therefore, you should consider it for buying your dream home in the country.
Can a Non-Resident buy the real estate without coming to Canada?
A Non-Resident does not need visiting Canada to acquire a property. You can choose an experienced realtor for buying a house for you there. You can select a dwelling through real-time technologies such as FaceTime, Skype, and Whatsapp.
You can take advantage of the power of attorney services or entrust family members in Canada who are legal citizens to support the whole deal of the real estate process.
How to choose a home realtor in Canada?
You must select a realtor who has extensive experience of trading property in the country. You need a dealer who has vast knowledge about foreign home ownership.
The above information proves that it is possible for Non-Residents to own their house or property in Canada. However, it will be beneficial for you to get the services of a genuine and reliable realtor.