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Buying Property as a Non-Resident is relatively easy.
Below is further information buying as a Non-Resident.
This information is
courtesy of Kevin O'Toole, Prudential Sussex Realty and
www.findaproperty.ca
Vancouver
has been consistently named one of the most liveable
cities, if not the most liveable, in the world. What most
people don't know is that this honour is not only based on
the sheer beauty and geographical setting of the city but
primarily on the ease in which expatriates find the
relocation and transition of their daily lives.
International or non-resident property owners also
represent a significant percentage of the real estate
market in Vancouver and throughout British Columbia.
When
measured up to property values in countries the likes of
the US, UK, Ireland, and most European Union countries and
buyers here almost always get more for their dollar than
they would at home. At the present time, the major
currencies: the US dollar, British Sterling and the Euro
are quite strong in Canada. Adding the benefit of property
being less expensive as a whole , and it is apparent
international buyers have an advantageous position.
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.
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.
If you are
interested in buying a property in this beautiful area of
the world: Vancouver and Super Natural BC,
please contact:
www.findaproperty.ca and
its logo are copyright materials of
Kevin O'Toole, Prudential Sussex
Realty
please call Kevin on
+1.604.340.1267
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