Buy and sell a house while on a Tourism Visa

[Karim Saleh]

Hi All,

If someone comes to Canada on a Tourism Visa, can he buy/sell a house or flat? He wants to buy a flat/house at the start of his stay and at the end he wants to sell it. Is this legally applicable or there is any restrictions?

 

[steaky]

Yes, this can done. Note that if he buy and sell a residence in Metro Vancouver, he would have to pay an additional 15% tax.

 

[foodie69]

Hi All,

If someone comes to Canada on a Tourism Visa, can he buy/sell a house or flat? He wants to buy a flat/house at the start of his stay and at the end he wants to sell it. Is this legally applicable or there is any restrictions?

How long do you want to stay?

 

[Karim Saleh]

Yes, this can done. Note that if he buy and sell a residence in Metro Vancouver, he would have to pay an additional 15% tax.

Thank you very much.

 

[Karim Saleh]

How long do you want to stay?

3 Months, in New Brunswick, 2 Months in Ontario. What do you think?

 

[foodie69]

If you have money to burn, then go for it. Most people I know would rent.

 

[Karim Saleh]

If you have money to burn, then go for it. Most people I know would rent.

If someone bought a house say just for example buy $10 and after 3 months of stay sold it by $11, he would benefit from the stay and make a revenue! what do you think about the idea?

 

[foodie69]

No. Because the rent in your case would be $3

 

[Karim Saleh]

No. Because the rent in your case would be $3

Yes, i see your point.

 

[foodie69]

It is not just the price of a house..you have cost and fees associated to buying and selling. Plus the risk of the market..there is no guarantee you making a profit when selling..and there us the tax issue, too.

 

[scylla]

If someone bought a house say just for example buy $10 and after 3 months of stay sold it by $11, he would benefit from the stay and make a revenue! what do you think about the idea?

You haven't looked into the full costs of buying and selling a property in Canada, have you? Might want to research realtor fees, closing fees, legal fees and other fees associated with buying property so that you understand the full costs of ownership.

You also haven't considered closing dates, length the property may or may not sit on the market, etc.

Your plans aren't in any way realistic.

 

[Karim Saleh]

You haven't looked into the full costs of buying and selling a property in Canada, have you? Might want to research realtor fees, closing fees, legal fees and other fees associated with buying property so that you understand the full costs of ownership.

You also haven't considered closing dates, length the property may or may not sit on the market, etc.

Your plans aren't in any way realistic.

Yes, i need to read more about this.

 

[ALRIVAS]

Hi Karim I'm realtor in the gta.
Here are the historic and monthly records kept by the Toronto real estate board.
http://www.trebhome.com/market_news/market_watch/historic_stats/pdf/Historic_1610.pdf
http://www.trebhome.com/market_news/market_watch/2016/mw1610.pdf
1) If you buy a property at the average price for the month of October of $762,975 you need as an investor 40% as downpayment of the value in order to qualify for a mortgage the 60% left will be your mortgage.
2) You need closing costs lawyer,tax,home inspection if any etc. 3.5% of the value if buying in toronto if you buy outside of toronto is 2.5%.
3) After a year you can sell it and make some money you will pay capital gain which is the softest way of taxation in canada it will be around 22% of your profit so if you make 100 pay 22 and keep 78 I think is very good.
For more info go to alrivas .com I know a lot of haters will criticize this post but unfortunately for them they just don't own real estate.

 

[foodie69]

minus the realtor fee ;D

 

[COPRQuestion]

Hi Karim I'm realtor in the gta.
Here are the historic and monthly records kept by the Toronto real estate board.
http://www.trebhome.com/market_news/market_watch/historic_stats/pdf/Historic_1610.pdf
http://www.trebhome.com/market_news/market_watch/2016/mw1610.pdf
1) If you buy a property at the average price for the month of October of $762,975 you need as an investor 40% as downpayment of the value in order to qualify for a mortgage the 60% left will be your mortgage.
2) You need closing costs lawyer,tax,home inspection if any etc. 3.5% of the value if buying in toronto if you buy outside of toronto is 2.5%.
3) After a year you can sell it and make some money you will pay capital gain which is the softest way of taxation in canada it will be around 22% of your profit so if you make 100 pay 22 and keep 78 I think is very good.
For more info go to alrivas .com I know a lot of haters will criticize this post but unfortunately for them they just don't own real estate.

I don't think this has anything to do with haters. The guy is suggesting buying a property for 3 months in one place and then another one in another place for 2 months and then leaving.

Do you think that's remotely possible?