Non-Residents Buying Real Estate In Canada
Acquiring property in Canada is a relatively easy process. For the non-resident rather than the immigrant purchaser, buying property is usually less difficult than in their own country. Completion times are far less within British Columbia and the rest of Canada as there exists no set mandatory escrow delay time. If a purchaser plans to remain in Canada for less than 6 months within a calendar year, the owner is considered a tourist or non-resident by the Canadian government.
Visits can usually be cumulative. For example, a non-resident owner may wish to spend 2 weeks here on a first visit, then 4 weeks on a subsequent stay and so on. In other words, a purchaser will not be required to spend a consecutive 6 months to get the benefit of the property. If a buyer wished to reside in Canada for more than 6 months in a year, there is a requirement to apply for immigrant status. Should this be the case, the buyer should arrange for a discussion with a specialist in immigration to Canada. Contact Kevin O'Toole who can advise you on the best specialist for your situation.
As an international prospective buyer looking at Vancouver or British Columbia you should understand that working with a licensed realtor may be a different experience than in other countries. In British Columbia, real estate agents and their representatives must be licensed by the government in order to assist with a property-related transaction. What this means is the real estate agent representing you has a fiduciary duty to protect your best interests. In essence, your agent or representative is there to find you potential properties, present offers and assist with the transaction to your benefit and your benefit alone.
When looking to purchase or sell property from abroad, it is vital to have a licensed representative who not only understands the market but also one who understands both the complex nature of international transactions as well as the inherent cultural subtleties that can be present. Kevin O'Toole lived and worked in London, England for 7 years and has great experience with such issues. Delivering contracts and marketing solutions worth millions of Pound Sterling (UK£) to global audiences was Kevin's expertise.
Please contact Kevin today to discuss your move to, or the benefits of international property investment in, Vancouver and British Columbia. Call Kevin on +1 604 340 1267 or email firstname.lastname@example.org
UK & European residents, please call Kevin on +44 (0) 20 7193 8250