Buying Property in Canada?

Twister
New Member



Joined: 24 Mar 2006
Posts: 1

Posted: Fri Mar 24, 2006 7:55 am

 

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I am a deemed non Canadian resident(for tax purposes). I am teaching in Korea and have found a Canadian property I am very interested in purchasing. I am wondering if anyone has experience securing a mortgage while working abroad. I don't want to return home for another 2-3 years but I am interested in this property. Any advice, info, or personal experience in this area would be appreciated.

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Taurkon
New Member



Joined: 24 Mar 2006
Posts: 1

Posted: Fri Mar 24, 2006 10:15 am

 

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Try emailing this agent at tabitha@taqm.com. She is really good and if there is a way, she will do it. She is located in Calgary, Ab but I believe she can do a mortgage anywhere in Canada. If she can't, she will put you in touch with someone that can.

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GSI
New Member



Joined: 07 Jun 2006
Posts: 6
Location: Japan

Posted: Wed Jun 07, 2006 5:46 am

 

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Hi,

This is a major problem that a lot of non-residents face. If you are a non-resident you must pay 35% of the mortgage to purchase a property in Canada. That can add up to a lot of money on larger ticket homes. It is especially frustrating when considering if it were your first property and you were in Canada you could get if for as little as 10% down! In Alberta you can assume properties but as I type this email. These types of deals are becoming more and more scarce.

The other option is have a Canadian resident co-sign on the mortgage for you. Their ability to qualify for a mortgage, credit rating, debt ratio etc will be the pretty much the deciding factor on whether or not you get the mortgage.

My company specializes in purchasing Canadian properties and we purchase with a Canadian based company. We still are required to pay 35% down but it doesn't affect our status as non-residents where taxes and taxes on capital gains are concerned. So if you are willing to incorporate you can deal with tax issues with the help of an well informed tax specialist.

I hope this helps!

Danielle Millar
Vice President
Glenn Simon Inc.
www.glennsimoninc.com
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Making Investors Successful, One Property At A Time

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