A Mortgage And Property Buying Guide For Foreigners In Canada

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A Mortgage And Property Buying Guide For
Foreigners In Canada
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• Canada has some fairly liberal policies when it
  comes to buying property, and non-residents
  (foreigners) are afforded exactly the same
  ownership rights as residents. However, some
  states do have specific sets of rules that must
  be followed, examples of which can be found
  below
• Non-residents are considered as being anyone
  planning to stay in Canada for six months or
  less, but if you plan to stay for longer, youll
  need to apply to be an immigrant. A real estate
  lawyer can advise you further.
• A Non-resident Speculation Tax (NRST) of 15 on
  the purchase of residential property in the
  Greater Golden Horseshoe region of Toronto, by
  those not classed as citizens or permanent
  resident of Canada, was introduced by the
  government of Ontario in April 2017.

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• What is the buying process for foreigners in
  Canada?
• The majority of house sales are conducted through
  a realtor, and if the seller is using a realtor,
  they will pay for the fees of their realtor, and
  yours. If they arent using one, then its
  important to agree on who is going to pay your
  realtors fees.
• Then, youd be advised to get a pre-qualified
  mortgage, so that you know exactly what youve
  got to work with, and an experienced mortgage
  broker can help you with this.

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• The next step is to find a property, and it helps
  to have a general idea of what type of home youd
  like to buy and what your budget is, before you
  approach a realtor. Remember that you wont be
  able to use a foreign bank to get your mortgage,
  so be sure to work with a Canadian mortgage
  broker from the outset.
• Make life easier by hiring a real estate lawyer
• This can be immensely helpful for foreigners
  trying to buy property in Canada, as a real
  estate lawyer can guide you effortlessly through
  the often-complex intricacies of overseas
  property ownership, and help you sign contracts
  and transfer monies for the purchase.

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• Work with a mortgage broker
• It often makes sense to work with a mortgage
  broker, particularly as a foreigner, as they may
  be able to find a mortgage thats more suitable
  for you outside of the regular lenders. With
  access to unique, preferential rates and in-depth
  knowledge and understanding of the current
  housing market in Canada, a mortgage broker is
  the smart choice when it comes to finding the
  best deals for your specific circumstances. They
  can also be especially useful if youre
  self-employed, a contractor or own your own
  business, for example. However, be sure to check
  that your chosen broker is familiar with
  mortgages for foreign buyers.

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• Buying a property in Canada as a foreigner
  doesnt have to be a stressful and complex
  process work with those who have expertise in
  the area of overseas property buying and
  mortgages for foreigners, and theres absolutely
  no reason why you shouldnt be able to find your
  dream home, in a dream location and at a price
  that you can afford.

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• Mortgage-broker-Calgary is your best resource for
  finding a mortgage for your property. Luke Wile,
  is the best calgary mortgage broker and is proud
  to serve clients from across Canada, while being
  centered in Calgary, Alberta. Luke is proud to
  serve his clients with a personalized approach to
  finding his clients the best and lowest Canadian
  interest rates and terms offered by the major
  banks and private lending institutions. If you
  are looking for mortgage broker in Calgary AB,
  with Luke Wile you can get fast and personal
  expertise for your mortgage!