How to Buy a House in Toronto as a Non-Resident

Canada Real Estate Toronto-

For many people living outside Canada, buying a home in Canada is a dream come true. Canada offers so much that all kinds of investors and people who’d like to settle there, step into the country with the desire to have their own house in Canada. Whether it’s Toronto townhomes, family homes for sale in Toronto or homes for sale in Niagara on the lake, there’s a whole bunch of option to choose from and to suit your budget. The government of Canada is very helpful and flexible when it comes to welcoming foreign investors and home buyers so, that could play a crucial role for you when you think of getting a corner lot house in Toronto that you always had in mind. There are no strict rules or restrictions when it comes to buying a property in Canada. To buy a home in Canada you will need a good credit score, money to pay the mortgage and a good real estate agent to help you with everything from the beginning till the end.

Property Search Canada-

The Canadian open-door policy for foreign buyers is famous among people who have interests in Property Search Canada. You can buy a house for sale in Toronto, even if you are not yet a permanent resident of this country. This particular fact makes it easy for investors to own a property in Canada. As a non-resident, you will also have the same right to buy the property or house in Canada and live there as a permanent resident does.

At first, you will have to choose the city you’d like to live in, a perfect location for your house. Each city in Canada has a different type of weather and prices, according to which you could choose where to set down roots or where will you get the most revenue for your investment. Toronto and Vancouver are the most popular among people who come from outside Canada but, they also have the most expensive real estate in the country. However, you might get lucky and may find the house you want within your budget. You just need to take a ride and go to a real estate agent or just look for signs that say, homes for sale in Toronto.

Second thing is to gather the finances for the home you want, your real estate agent will help you with this and guide you through the whole process. If you need to get a mortgage loan for the purchase then you will need a good credit score, once you manage that, you can get loan from many financial institutions. 

Last and the most important thing is to understand the tax system, both the federal and the provincial governments impose tax laws in the city you’re going to be settling at. There are other types of federal, local and provincial taxes that are payable by homeowners in Canada. It is essential to understand the tax process thoroughly and hire an accountant who is familiar with Canadian tax laws. You should also know the process of acquiring a home in Canada with all the taxes paid for the duration before your acquisition of the home. Different tax rates are applicable to non-residents of Canada which also vary according to the area you choose.

If you find a home for sale in Toronto for example, then you will pay four different types of taxes:-

• The property tax
• The income tax
• The land transfer tax
• Non-resident speculation tax

To help you with the process, hire a professional real estate firm that could help you understand the system better and also help you go through it with ease.