Buying & Selling Tips

The bottom line is that buying real estate in Canada is very easy.

It is important to note, however, that while the majority of Provinces (British Columbia, Ontario, Quebec, Nova Scotia, Newfoundland, New Brunswick) have no restrictions on foreign ownership of real estate in Canada, some do limit the amount of property/land that a non-resident can purchase. On Prince Edward Island, non-resident buyers must apply to the Island Regulatory and Appeals Commission for land over 5 acres in size, or land with a shore frontage greater than 165 feet. In Manitoba, non-residents are prevented from owning farmland unless they actually plan to move there within 2 years. Non-residents may not own land over 10 acres in size in Saskatchewan, whilst in Alberta they may only own up to 2 plots of land not exceeding 20 acres in total.

Buyer Tips

Buying a residence can be a stressful experience. You will experience a roller coaster…

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First Time Buyers

It is essential as a first time home buyer in the real estate market that you work with…

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Home Buying Process

Moving can be very exciting but it can also be very stressful as there are…

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Real Estate Terminology

View is a list of terms that are commonly used when working with mortgages…

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When a non-resident sells Canadian real estate, he/she is required to pay the appropriate amount of taxes on any capital gain.

The normal Canadian tax rates will be applied to 50% of the gain. However, a non-resident is required to pay an estimate of the tax before the sale, an amount equal to 25% of the gain. This amount is to be retained by the seller’s lawyer until such time as a clearance certificate is received from the Canada Revenue Agency (CRA) in connection with the sale of the property. Upon payment, the CRA will issue a clearance certificate to the seller, but not until there has been a contract of purchase and sale with all subjects (conditions) removed. The wait for the certificate is usually 6-8 weeks. If the certificate is not obtained, the purchaser is required to withhold from the sale proceeds, a percentage of the selling price (usually 25-50%).

On or before the closing date, the mortgage money is transferred to the seller’s lawyer and then to the seller and the title is transferred to the buyer’s name.

Moving Checklist

Moving can be very exciting, but it can also be very stressful as there are so many things to remember to do…

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Seller Tips

A well-manicured lawn, neatly trimmed shrubs and a clutter-free porch help real estate sellers put their best foot…

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When Will it Sell?

Every house is unique. Some sell within hours of listing on the market, some take months to sell, and some never sell at all…

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