Can you buy house based on COPR (awaiting PR card)?

[gurpreet.ts]

Hi
shayusuf247
I'm in the same boat as your, got my COPR but still waiting for my PR card and I'm looking to get a condo property, will we be subjected to the NRST 15%? Did you find out if we can buy with COPR?
Thanks!

If you have your COPR then you don't need to pay any Non residential taxes. Many friends in my knowledge have already done this.

 

[Nav9999]

Hi @chiujiewei95 and @shayusuf247
I'm in the same boat as your, got my COPR but still waiting for my PR card and I'm looking to get a property, will we be subjected to the NRST 15%? Did you find out if we can buy with COPR?
Thanks in Advance

 

[rmacraj]

Yes you should be able to buy a property without NRST with your COPR.

 

[Copingwithlife]

From what I've gathered, the slight interest rate difference for newcomers doesn't seem like a deal-breaker, especially if you're prepared to put down a solid 20% upfront. Plus, with interest rates currently favoring buyers, it seems like a golden opportunity to dive into the housing market, especially in areas like Montreal and the South Shore. Speaking from my own experience, navigating the housing market can be daunting, but having options like CHMC mortgage insurance for those with less than 20% down payment can really ease the process. And hey, if you're looking for some guidance in the South Norwood area, I stumbled upon Livin Estate Agents https://livinestateagents.co.uk/area-guide/estate-agent-in-south-norwood . They seem to have a good grasp on the local scene.

That link is for the UK you nit wit

 

[gauravs]

I am not sure if this is still an active thread, but many lenders have New to Canada programs via which newcomers (PR holders) can get the mortgage.

 

[steaky]

I am not sure if this is still an active thread, but many lenders have New to Canada programs via which newcomers (PR holders) can get the mortgage.

If newcomers can get mortgage because they new to Canada, then why not existing members of public (who has some sort of credit history such as payment to Credit card companies)? Then what's use for the feds renters bills of right?

 

[gauravs]

If newcomers can get mortgage because they new to Canada, then why not existing members of public (who has some sort of credit history such as payment to Credit card companies)? Then what's use for the feds renters bills of right?

If a person qualifies based on their income and debt, they can get the mortgage.

 

[Copingwithlife]

If a person qualifies based on their income and debt, they can get the mortgage.

They can also get a so called “
Brampton mortgage “

what’s your point ?

 

[gauravs]

They can also get a so called “
Brampton mortgage “

what’s your point ?

I meant if a person qualifies legitimately. I am not advocating fraud in any way.

 

[HimanshuGoyal]

I got an email to confirm that I am Canada and I submitted my photo + address info for my eCOPR

I am actively looking and found a place that I like. I was wondering if I could close it or if I could be on the hook for the foreign buyer's tax in my situation
I wish to rent it out for now given that it is a little far from where I live but I am hoping to move in in the next 1-2 years

 

[gauravs]

I got an email to confirm that I am Canada and I submitted my photo + address info for my eCOPR

I am actively looking and found a place that I like. I was wondering if I could close it or if I could be on the hook for the foreign buyer's tax in my situation
I wish to rent it out for now given that it is a little far from where I live but I am hoping to move in in the next 1-2 years

I am a mortgage agent. You can buy it once you have the COPR. You can always keep the closing date a little far to give yourself time to get your PR card. Also, worth noting that if you planning to purchase a rental property the minimum downpayment is 20%.

 

[anujoshi]

I got an email to confirm that I am Canada and I submitted my photo + address info for my eCOPR

I am actively looking and found a place that I like. I was wondering if I could close it or if I could be on the hook for the foreign buyer's tax in my situation
I wish to rent it out for now given that it is a little far from where I live but I am hoping to move in in the next 1-2 years

If you have your PR documentation, I believe you are considered a PR. You'd need to provide documentation to that effect to your lawyer prior to closing. There may be affidavits involved which they will advise you about prior to closing.

I would advise you not to publicize the information about renting out your property, especially if you bought it as a primary residence. If you purchased it as a principal residence, you likely qualified for a lower down payment and more favourable interest rates with an insured mortgage; if you are renting it out, it would be an investment property and there can be many implications for that.

Anu | anuvisiongroup.com