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habib890

Hero Member
Mar 30, 2008
379
3
Can non immigrants/non permanent residences purchase house on their name in Canada?
Thank you.
 
My friends looked into this and they were told that they could buy but they would have to have 25% downpayment instead of normal here being 5%.
 
That is the beauty of the US.

So can we us US credit report for canadian credit application? If I need to drop 25%, then I must rent first. Average house in Alberta is for 500K...that means a down payment of $125K!!!
 
I've been told that credit follows you between US and Canada. I came from Europe and had to start my credit history from scratch. I bought a house after living in Canada for about 3 years. I don't know where in Alberta you are but according to http://www.livingin-canada.com/house-prices-canada.html the average house goes for 350,000 and that's kind of in tune with what I see in Edmonton.
 
olusolalekan said:
That is the beauty of the US.

So can we us US credit report for canadian credit application? If I need to drop 25%, then I must rent first. Average house in Alberta is for 500K...that means a down payment of $125K!!!

I have read in other forum that the US credit history is totally different from Canada. You can't use your US credit history to Canada, you really need to establish your credit in Canada from the scratch. I don't get that coz they use the same credit bureau but it is what it is.
 
Can anyone advise how the tax system work if a non resident buy a house in Canada? Would it be classified as an investment property and what are the taxes like?
 
I don't know what kind of tax you pay if you are getting income from your house but for what I pay on my house is just the city tax and it's close to .6% of the house value per year.
 
Leon,

Thanks for the link. Do you live in Edmonton?
What is the average down payment for a fresh PR in Alberta from the US?
 
Yes, I live in Edmonton. Normally the downpayment is 5% and the rest on mortgage for 25 or in some cases 40 years. If you are fresh from the US, it depends on what kind of credit you have. If you have good credit there and you can make it follow you, say you get a credit report from there and bring it to your bank in Canada or they can check on you if they really wanted, you should be able to get a mortgage, otherwise you might need a couple of yrs. to build credit.
 
Hi

Leon said:
Yes, I live in Edmonton. Normally the downpayment is 5% and the rest on mortgage for 25 or in some cases 40 years. If you are fresh from the US, it depends on what kind of credit you have. If you have good credit there and you can make it follow you, say you get a credit report from there and bring it to your bank in Canada or they can check on you if they really wanted, you should be able to get a mortgage, otherwise you might need a couple of yrs. to build credit.

1. As of 15/10/08 maximum term is 35 years.
2. With no PR/No work permit, down payment will be a minimum of 25%

PMM
 
Thanks Leon and PMM.

I will not buy a house in canada unless I get my PR. I will try to use my "good" U.S. credit....lol and try to drop 10%
 
Hello iam a caregiver here in canada, can i purchased a house?
 
rosellyalung said:
Hello iam a caregiver here in canada, can i purchased a house?

Yes.

But if you return to your home country and maintains that house in Canada as a residence, you may still be consider as a Canadian tax payer. Alternatively, you can rent it out and files non resident tax return every year.