HOW TO BUY A HOME IN CANADA
Do you live in another country and are looking to buy a property in Canada? The Award Winning Rick Clarke Team can certainly help you. When buying property outside your country, to ensure the purchase is conducted smoothly you will require professional assistance. The Rick Clarke Team offers competent real estate representation in international real estate dealings.
THE OVERSEAS HOME BUYING PROCESS IN CANADA
BUYING A PROPERTY IN CANADA
When buying real estate in Canada, each province may have different rules and regulations, so it is of importance to receive professional advice from a real estate agent, lawyer and accountant who specialize in an area in which you want to live.
Should you plan to stay in Canada for 6 months or less each year, the Canadian government will consider you a non resident, meaning that you may still open a bank account and buy property, however if you plan to live in Canada for more than 6 months per year, you then must apply for immigrant status.
However, of important to note, that while the majority of Provinces (British Columbia, Ontario, Quebec, Nova Scotia, Newfoundland, New Brunswick) do not have restrictions for foreign ownership of real estate in Canada, some limit the amount of property that a non resident may purchase. In the Province of Prince Edward Island, non resident buyers must apply to the Island Regulatory and Appeals Commission for land over 5 acres in size, or land with a shore frontage larger than 165 feet. In the Province of Manitoba, non residents are prevented from owning farmland unless they actually plan to move there within 2 years. Non residents may not own land over 10 acres in size in Saskatchewan, while in Alberta they may only own up to 2 plots of land not exceeding 20 acres in total.
The Rick Clarke Team has prepared a valuable report titled – Overseas Home Buying Process to educate you on the process of Buying a Home in Canada as an Out of Country Home Buyer.