Buying a new House in Canada for New Comers
- Thread starter razza_123
- Start date
No you can't trade homes. Maybe you are talking about assigning. Lots of sketchiness going on with home assignments.
It is definitely possible to buy a home in a different state but there are several points to keep in mind.
Who would of thought ? Trading homes !
Could you post an official link from crea regarding this ?
No wonder some provinces have to put in speculation tax. people "trading homes" like stock... sigh.
Okay, easy guys ! Let me break it to people who are not registrants in real estate here. And please, go ahead and check this with your CREA/OREA/ Local Real Estate Boards as well.
I have been in the industry for a while now and handed over keys and closed deals across the GTA, so please.
The Real Estate And Business Brokers Act, 2002 (the “Act”), defines “trade” in Sec. 1:
“trade”
includes a disposition or acquisition of or transaction in real estate by sale, purchase, agreement for purchase and sale, exchange, option, lease, rental or otherwise and any offer or attempt to list real estate for the purpose of such a disposition, acquisition or transaction, and any act, advertisement, conduct or negotiation, directly or indirectly, in furtherance of any disposition, acquisition, transaction, offer or attempt, and the verb “trade” has a corresponding meaning;
Sec. 4 of the Act states, in part, that no person shall trade in real estate unless registered under the Act. Sec. 30 states that a brokerage shall not employ, or pay remuneration to, another brokerage’s broker or salesperson or employ, or pay remuneration to, unregistered persons for functions for which registration is required. Sec. 31 states in part that brokers and salespersons can only be paid for trading in real estate by the brokerage with whom they are registered.
This office has been consistent in its advice regarding sales representatives and brokers hiring unlicensed assistants. These assistants cannot undertake any activity that falls into the category of “trade”. A partial list of prohibited examples would include such activities as being on site at open houses, door knocking in a farming area, phone solicitation, showing properties, or being a participant at an offer or listing presentation.
Subject to the caveat that the Canada Revenue Agency, the Ministry of Labour and other government agencies have an impact on employee/employer relationships, with laws, regulations and reporting requirements, this office holds the view that sales representatives or brokers may be able to pay these assistants directly for services not considered “trading”.
It would appear that some sales representatives and brokers have wanted to broaden the scope of their administrative assistant’s activities to include elements of “trading” as defined by the Act. They have “hired” licensed (registered) persons as assistants. The following sets out how such registered assistants can be paid.
For any activity that does not fall under the definition of “trade”, an assistant may be paid by the sales representative or broker providing all laws and regulations regarding employee-employer relationships are complied with.
For any activity that falls under the definition of “trade”, any assistant must be registered under the Act to the same brokerage as the sales representative or broker and can only be paid by the brokerage to whom he or she is registered for undertaking such activity.
Okay, may be you would want to refer to my reply above.
Besides, I could answer any questions you may have on Assignment sales separately. May be you are referring to the recent surge in demand for pre-cons. homes and how builders are managing the appointments and releases.
Drumming up business on an immigration website makes you look a shady realtor. Do you read obituaries, too?
It is possible to purchase a condo in another state because condos are less expensive than houses. The maintenance is very cheap because you are only responsible for the interior of your condo. The condo board covers the rest. But there are a few things to consider. If the property is your primary condo and your job situation is an essential factor to consider.
You need to pay for those "condo board covered maintenance". Some can go up to $400 or more a month. I won't say that's cheap.
some cities/provinces have extra tax if that's not your primary resident and you are from outside of the province.
anyway, there is no state in Canada.
Forget $400 some people pay $1600+/month. You also have property taxes and you could also have a special assessment. Would expect that all condos are likely to have special assessment to finance larger capital projects.
Every type of property has a property tax. Pointing out there are many other costs to consider. Condo fees and the potential for a large lump sum due because of a special assessment must be considered. Realistically at a certain point condo owners should expect a special assessment but especially in condos over 15 years old. One should expect condo fees to go up over time as well. Any interested buyers should look into the reserve fund of a condo.
This include strata townhomes. Any interest buyers should expect annual insurance premium go up over time as well.
Townhouses strata fees are less vulnerable to large increases as long as they are set up properly initially. A lot less communal space and less complicated to maintain.