Facts For The International Buyer
- You do not have to be a Canadian citizen to purchase real estate. International citizens are treated just like a Canadian buyer and enjoy the same 'Bundle of Rights' as Canadians.
- Southern British Columbia (BC ) on the west coast has the best demographics for investment property and for retirement because of its incredible climate and outstanding natural beauty. In addition, B.C. is the site of the 2010 Winter Olympics.
- There are no Real Estate commission payable by the buyer when purchasing property (the seller pays a typical 3 to 6% commission to the realtor). Townhouses and condominiums have a monthly maintenance fee. Property management fees are always reasonable (usually a percentage of rent).
- Mortgage financing for most international buyers requires a 25% down payment with financing for 75% of the purchase price.
- If you stay in Canada for six months or less each year, the government considers you a tourist or non-resident. That means that you can do just about anything - open a bank account, buy land, a car, purchase stocks or bonds - except vote or get free health care.
- The purchase of property in B.C. is subject to a provincial transfer tax amounting to one percent on the first $200,000 and two percent on the balance plus a federal GST tax (some rebates may be applicable).