Work permit-Buying property

[User66]

I am an international student in BC and will soon apply for my PGWP. My family wants to buy a property in canada for me. As a first time home buyer what are the things that we need to make sure in terms of legality and immigration process. Also, any lead of a realtor who could guide us will be appreciated.

 

[YVR123]

Just beware of the extra foreign buyer tax. There is some exemption for BC PNP. But it's really specific situation. I think in general, having PGWP do not give you any exemption for this tax. So budget in the extra tax of the cost of buying property.

https://www2.gov.bc.ca/gov/content/taxes/property-taxes/property-transfer-tax/additional-property-transfer-tax

Having a valid work permit, student visa, or being a candidate in the entrepreneurial immigration stream to permanent residency may not necessarily mean you’re a B.C. Provincial Nominee.

 

[moscatojuices]

I think temp workers buying Canadian property is a stupid risk. Why you wouldn't wait till PR, because PR is never a guarantee, is beyond me. You likely wouldn't be eligible to buy in many areas due to the foreign buyer prohibition and the bank's concern about where the money is coming from. This just sounds financially suicidal but you sound like some rich kid with a bank of mum and dad so what do you care.

Buying a property in Canada can be exciting but also overwhelming, especially for first-time homebuyers like yourself. In terms of legality, make sure to check with a lawyer or a notary public to ensure everything is legit. As for the immigration process, it shouldn't affect your PGWP application, but you may need to show proof of funds and ownership for your study permit extension or future permanent residency application. Regarding a realtor, I don't know any in BC, but if you're ever in Texas, hit me up! The Texas real estate market is crazy right now, with prices still going up despite the pandemic. Some say it's turning into California with all the tech companies and people moving in.

Why are you mentioning Texas? Who cares? There's plenty of investment opportunities in Canada, not sure why this is even coming into the conversation. https://calgaryherald.com/business/local-business/canmore-vacation-home-values-up-23-to-1-59m

 

[Mounat]

Yeah, I wouldn't buy anything on a temporary status, unless I'm paying in cash with a reasonable expectation of a positive return.

@moscatojuices, what's wrong with Texas? It's a great place to call home. (You can even open carry here )

 

[moscatojuices]

You ok there ? Like wtf does Texas have to do with BC ?
Of course you’re connected to the real estate market. You’re posting about two entirely different markets , sounds about par . Have no clue what you’re raving on about
Just another day in Texas
Open carry did nothing to help them

https://abcnews.go.com/US/5-dead-texas-shooting-suspect-armed-ar-15/story?id=98957271

Right? I mean we have a country bigger than America, with our own exciting real estate market that's being underpinned by guaranteed immigration, and this guy wants to encourage people to go to Texas and buy US property, go through the nightmare of paying US taxes and buy with the US dollar is strong. *Face palm*

 

[steaky]

Right? I mean we have a country bigger than America, with our own exciting real estate market that's being underpinned by guaranteed immigration, and this guy wants to encourage people to go to Texas and buy US property, go through the nightmare of paying US taxes and buy with the US dollar is strong. *Face palm*

If US dollar weaker, would you considering buying US property?

 

[moscatojuices]

If US dollar weaker, would you considering buying US property?

No, because the pain of dealing with the IRS, paying non-resident taxes and not being close to the property is too much risk to bear.

 

[milon45]

I am an international student in BC and will soon apply for my PGWP epoxy flooring orlando. My family wants to buy a property in canada for me. As a first time home buyer what are the things that we need to make sure in terms of legality and immigration process. Also, any lead of a realtor who could guide us will be appreciated.

1. Legal Considerations:
   • Eligibility: As an international student, you are eligible to buy property in Canada. There are no citizenship or residency requirements for property ownership.
   • Financing: Determine how you will finance the property purchase. Financing options for non-residents may differ from those available to Canadian citizens and permanent residents.
   • Legal Assistance: Consider hiring a real estate lawyer or notary public to handle the legal aspects of the transaction, such as title searches, contracts, and property transfer.
2. Immigration Status:
   • Study Permit: Ensure that your study permit is valid and that you are abiding by its conditions. Owning property does not impact your study permit status.
   • Work Permit (PGWP): When applying for a Post-Graduation Work Permit (PGWP), make sure you meet the eligibility criteria. Owning property should not affect your PGWP application, but ensure all immigration requirements are met.
3. Tax Considerations:
   • Consult a tax expert to understand any tax implications related to property ownership in Canada, including property taxes and potential capital gains tax.
4. Realtor:
   • To find a suitable realtor, you can check with local real estate agencies in the area where you plan to buy the property. Realtors can guide you through the buying process and provide information on available properties.
5. Property Inspection:
   • It's advisable to have a thorough property inspection to identify any issues with the property before finalizing the purchase.
6. Insurance:
   • Consider purchasing property insurance to protect your investment.
7. Residency:
   • Owning property in Canada does not grant you permanent residency or citizenship. It is a separate process that you may explore if desired.

Remember that real estate regulations and processes can vary by province and territory in Canada, so it's important to consult with local experts and authorities for specific guidance related to your property purchase in British Columbia.

 

[foodie69]

https://www.cmhc-schl.gc.ca/professionals/housing-markets-data-and-research/housing-research/consultations/prohibition-purchase-residential-property-non-canadians-act#:~:text=Non-Canadians can purchase residential,residential property in defined circumstances.