Who Can Purchase
Buyers from all Countries can purchase Real Estate in Canada. There are no restrictions on the amount properties that can be purchased. Banks many restrict the number of properties they will finance to 5 properties per person. The main difference between residents and non residents is theNon-Resident Speculation Tax
Non-Resident Canadian Citizens:
To qualify for a mortgage for a property in Canada, non-residents will generally require:
A 35% downpayment
A reference letter from their bank
An employment letter verifying income in Canadian or US dollars
Three months bank statements
Canadian credit check
Taxes:
There are four kinds of taxes you need to be prepared to pay:
- Non-Resident Speculation Tax,
- Land transfer taxes,
- Property taxes,
- Income taxes,
The Non-Resident Speculation Tax is equal to 15% of the price of the property and paid upon closing.
