Canada is one of the most investor-friendly countries in the world. This explains why the name of foreign investments in Toronto has been on an upward trend. One of the areas that many investors have targeted in Canada is the real estate sector.
It is possible to buy land or apartments whether you are in Canada or not. However, the threshold is higher for the foreigners. This article looks at how to purchase property when you are in Toronto.
As we had stated earlier on, foreigners can purchase property in Canada. However, the process of owning property in Toronto is different from the foreigners. The foreigners have to be vetted to ensure that they are not involved in money laundering or terrorist activities.
There is no restriction on the amount of property that a foreign investor can purchase in Toronto Canada. Purchasing property in Toronto does not, however, give the buyer immigration privileges. If a foreign investor wants to live in Canada, he is usually subjected to immigration laws of Canada just like any other immigrant.
Purchasing property in Toronto is not cheap. It is one of the highest in the world bearing in mind Toronto is regarded as a prime area. We have various lenders that you can approach to be financed if you need to purchase property in Canada. Before property changes ownership, you will be required to sign a contract and pay at least 35% of the total cost.
Before the lenders give you the money that you need to purchase the property, they will have to do a background check to ensure that you are credit-worthy. If you are a foreigner, you will have to pay higher mortgage rates than the locals.
When you are purchasing property in Toronto, you must bear in mind that it will attract some form of tax at the end of every financial year. If you are selling or buying property in Toronto, you may need to get in touch with the accountant or local government to be told the amount of tax that you are required to pay for the piece of property.
Like is the case with the mortgage rates, the taxes that the Canadian citizens pay is considerably lesser than want the foreigners will be required to pay. Paying taxes on the property you own is mandatory as failing to might make you lose the property.
Once you have purchased property in Toronto, always make sure that you ensure it. We have different insurance companies that offer property insurance.
In the event, the apartment that you purchase has been destroyed by fire, or you have been conned, the insurance company will be in a position to compensate you if you have insured the property.
It is crucial to note that the official documents like the title deeds and land leases are what is used to tell the owner of a given property.
It is recommended to hire a property lawyer who will take you through the process of purchasing the property. He will advise you accordingly and explain the clauses that you find difficult to understand.