How to Navigate the Canadian Real Estate Market as a Foreigner
Purchasing property in Canada as a non-resident comes with unique challenges and opportunities. Foreign buyers must understand the Foreign Buyer's Tax which varies by province (20% in Ontario, 20% in British Columbia) and additional restrictions in certain markets.
Key considerations include:
- Financing options through Canadian banks (typically requiring 35% down payment)
- Tax implications including capital gains and rental income taxation
- Provincial differences in property transfer taxes
- Working with a real estate lawyer familiar with international transactions
The process typically takes 30-45 days longer than domestic purchases due to additional verification requirements.
