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 with required preparations so that they would have everything in order for a smooth and worry-free transaction. I also provide assistance to my foreign customers with other related issues, such as immigration matters, obtaining mortgage, getting a tax advice, hiring necessary services, 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 a real estate in Canada. For example, if you plan to obtain a mortgage from a Canadian bank, you will need to provide certain documents about available funds, your income and employment, some reference letters, etc. Also you will need to open an account in a Canadian bank, transfer money from overseas to this account. I help my clients from the very beginning making sure that the entire process goes smoothly, without surprises and complications.
Step 2: Purchasing
When you buy property in Canada, especially if you want to obtain a mortgage, you have to come to Canada in person. The only case when your presence is not mandatory 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 do the transaction remotely. However, I strongly recommend my clients to be here in person at least for the selection of a property. I will take care of everything else that is involved and needs to be done. Particularly, I arrange for my clients such things like obtaining a mortgage, selecting a lawyer, finding an insurance agent, hiring a home inspector, as well as employing other specialists when needed.
Step 3: Selling
All my foreign clients who bought properties with me eventually need to sell it. And I help them with that as well. This can be done with or without your presence in Canada. I take care of the entire process of selling your property. As you may know, a non-resident selling his 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 with arranging all that well in advance so that you could get your money from sale as quickly as possible. I also arrange consultations with tax specialists when needed.