Canadian law allows foreigners (non-residents of Canada) to buy, own, rent out, sell, and hand down their property to their successors without any limitations. There are no differences in the ownership rights between Canadians and non-citizens. Non-Canadians are also eligible for receiving a loan (mortgage) for the property they purchase in Canada. This makes buying properties in Canada very appealing to foreign investors.
However, even though the process of buying real estate in Canada is transparent and well-regulated, there are certain specifics for non-resident buyers that need to be taken care of well in advance. I help my clients make the necessary preparations so that they have everything in order for a smooth and worry-free transaction. I also provide assistance to my foreign clients with other related issues, such as immigration matters, obtaining a mortgage, getting tax advice, hiring other specialists, and so on.
Step 1: Preparation
There are many things that you need to be aware of and prepare for when you plan to buy real estate in Canada. For example, if you plan on obtaining a mortgage from a Canadian bank, you will need to provide certain documents about available funds, your income and employment, reference letters, etc. Also, you will need to open a Canadian bank account, so you can transfer money from overseas to this account. I help my clients from the very beginning and make sure that the entire process goes smoothly, without any surprises or complications.
Step 2: Purchase
When you buy property in Canada, especially if you want to obtain a mortgage, you must come to Canada in person. The only instance in which your presence is not required is when you buy a new construction from a builder or when you pay in full from your own funds, without a mortgage. Then we can perform the transaction remotely. However, I strongly recommend my clients to be here in person, at least for the selection of the property. Otherwise, I take care of everything else that needs to be done. Particularly, I arrange for such things like obtaining a mortgage, selecting a lawyer, finding an insurance agent, hiring a home inspector, and employing other specialists when needed.
Step 3: Sale
Each one of my foreign clients who buys properties eventually needs to sell them, which is something I help with as well. This can be done with or without their presence in Canada. I take care of the entire process, just like with the purchase. As you might know, a non-resident selling their property in Canada needs to obtain a Certificate of Compliance from Revenue Canada and pay the Capital Gain Tax (if any). I help my clients arrange all that in advance so you can get your money from the sale as quickly as possible. I also arrange consultations with tax specialists when needed.