Foreigner buying property in Alberta

[Olivia O'Callaghan]

Hi..

I am looking to buy a property in Cochrane, Alberta. I am living in Ireland. I have no connection to canada apart from numerous holidays there and now I wish to buy a holiday home there

Can anyone let me know what I will need to have in place before I purchase .ie opening bank accounts etc.

It is my intention to buy the property without a mortgage..

Is there a foreign buyers guide that I can download will all the tips and pointers on buyer a property in Alberta.

Many thanks in advance

 

[steaky]

Hi..

I am looking to buy a property in Cochrane, Alberta. I am living in Ireland. I have no connection to canada apart from numerous holidays there and now I wish to buy a holiday home there

Can anyone let me know what I will need to have in place before I purchase .ie opening bank accounts etc.

It is my intention to buy the property without a mortgage..

Is there a foreign buyers guide that I can download will all the tips and pointers on buyer a property in Alberta.

Many thanks in advance

You need a lawyer and realtor (buyer's agent) - complimentary buyer's guide can obtain via your buyer's agent

https://www.alberta.ca/foreign-ownership-land.aspx

 

[mortgages.by.geoff]

You will need a canadian bank account and be present in canada for closing and signing. Minimum downpayment for non-resident is typically 35%.

 

[Olivia O'Callaghan]

Many thanks for your advice....is it possible to open a bank account from outside Canada.. would you have any recommendations ?

 

[despacito2017]

If you are an HSBC Premier client in your home country, they will open an account for you anywhere in the world (including Canada)

 

[steaky]

Then get ready to pay a hefty fee. If the value of the property increases during the resale process, you as a non-resident will need to pay capital gain. Its calculation takes 50% of the difference between the original purchase price and the subsequent sale, minus the associated costs (purchase and sale). No capital gain is payable if the property owner is a Canadian resident. My relatives live in Canada and I could buy a house there, but I really don't like the climate. So after a holiday in Australia once at onholidays.com.au, I realized that I`d only move to the south.

Incorrect. Capital gain also applies to the Canadian resident - property owner.

Btw, why do you post "well" in your replies?

 

[Apertuta]

Hello, I haven't bought any property in Canada either, but I was always collaborating with the property buying company for the ones I bought in the United Kingdom. I can understand your struggle since I love real estate companies, and since I didn't live in the UK at first, it was a little complicated. As far as I know, they work just with properties from the UK, but I am sure there must be similar companies in Canada, or you can even write them, and maybe they know someone or can give you any tips.

 

[steaky]

Hello, I haven't bought any property in Canada either, but I was always collaborating with the property buying company for the ones I bought in the United Kingdom. I can understand your struggle since I love real estate companies, and since I didn't live in the UK at first, it was a little complicated. As far as I know, they work just with properties from the UK, but I am sure there must be similar companies in Canada, or you can even write them, and maybe they know someone or can give you any tips.

It's actually piece of cake to buy Canadian real properties regardless where you buy it in Canada or overseas. If you don't have a Canadian lawyer, your agent will often give you suggestion. Once you have the lawyer, everything else is pretty straight forward.