International student buying a condo
- Thread starter marisha
- Start date
Tax issue.
I beleive you are allowed to buy but.
- 35% of property value will be necessary as downpayment.
When you decide to sell a real estate company should withhold 25% of property value (at the time of selling)
and keep it for one year to pay Capital Gain taxes (provided you are not Canadian permanent resident).
So be aware before such movement.
I beleive you are allowed to buy but.
- 35% of property value will be necessary as downpayment.
When you decide to sell a real estate company should withhold 25% of property value (at the time of selling)
and keep it for one year to pay Capital Gain taxes (provided you are not Canadian permanent resident).
So be aware before such movement.
I can not tell you how real estate works in Ontario because I have only bought in AB but in AB, you would normally get a real estate agent who will look for places for you and go with you to look at them. If you want to make an offer, your agent will talk to the agent of the seller and they will figure out the offers and counter offers. I have heard 25% as a down payment for a non-resident but you would have to talk to your bank or a mortgage broker to figure that out. For some of the paperwork I needed a lawyer as well. If you want to save yourself the fees, you can skip the agent and lawyer and buy yourself through comfree or something but then you need to investigate what you have to do exactly to fill everything out correctly.
I am a realtor in the Greator Toronto Area and i would like the opportunity to try to help you.
In ontario you need to be the age of majority in order to sign a contract. In Ontario you need to be 19 years old for this.
For more information on the home buying system in Toronto, Ontario please go to my website www.supegui.com.
Best of luck and welcome to Canada
Steve
In ontario you need to be the age of majority in order to sign a contract. In Ontario you need to be 19 years old for this.
For more information on the home buying system in Toronto, Ontario please go to my website www.supegui.com.
Best of luck and welcome to Canada
Steve
Every country has their own laws regarding the foreign residents. They may include people who have come for job, students who are studying there and different type of people. Some people may stay back and some may leave after a specific time. Buying a land property in a foreign country could be an uphill task because some places won’t allow such thing. But in Toronto there is no such law. Only requirement is that 25% of the payment should be paid as down payment.
HI Everyone,
I would like to put some queries regarding buying the residential and commercial properties in canada either under student visa or work permit.
1. Can an international student over 21 yrs of age buy any kind of property in Canada ?
2. Is there any restriction in buying the commercial property under student visa for an international student ?
3. Is there any restriction, different city or state wise, for buying or selling the property ?
4. If a non-Canadian can buy the residential or commercial property then, under the following cases what implication he has to face ?
a. Can he apply for a loan in Canada for buying the property or he has to take loan from his home country ?
b. If he gets a loan from Canadian bank and after a yr or so he leaves the country due to any circumstances then what can be the problems which he has to face regarding the rights of the property or how the bank gonna treat this situation, etc. ?
c. Will he get the visa in future after leaving Canada to his home country on the basis of his property over there ?
I would like to put some queries regarding buying the residential and commercial properties in canada either under student visa or work permit.
1. Can an international student over 21 yrs of age buy any kind of property in Canada ?
2. Is there any restriction in buying the commercial property under student visa for an international student ?
3. Is there any restriction, different city or state wise, for buying or selling the property ?
4. If a non-Canadian can buy the residential or commercial property then, under the following cases what implication he has to face ?
a. Can he apply for a loan in Canada for buying the property or he has to take loan from his home country ?
b. If he gets a loan from Canadian bank and after a yr or so he leaves the country due to any circumstances then what can be the problems which he has to face regarding the rights of the property or how the bank gonna treat this situation, etc. ?
c. Will he get the visa in future after leaving Canada to his home country on the basis of his property over there ?
thx leon...
Suppose the person after buying a house leaves the country and keep paying the installments, can he/she apply visa for over one month on the basis of property over there...here i am not talking about applying for 2 months visa...every year.
Regards,
Suppose the person after buying a house leaves the country and keep paying the installments, can he/she apply visa for over one month on the basis of property over there...here i am not talking about applying for 2 months visa...every year.
Regards,
