INTERNATIONAL BUYERS OF TORONTO REAL ESTATE AND

Canadian Banks, deposit Funds & Financing

 

Live outside Canada and thinking about buying a house, condo apartment or flat in Toronto? If you are not a citizen or permanent resident of Canada, your purchase of a residential property in Toronto will be subject to 15% Foreign Buyer's Tax called the Non-Resident Speculation Tax (NRST).  

Where To Start - Be Prepared
Your first step should be to get the money you are going to use for your home purchase into a Canadian bank account.

The Toronto real estate market is fast paced with properties selling quickly. For peace of mind be prepared by having the funds in Canada and ready to go. Sudden fluctuations in currency exchange rates and delays in money transferring from foreign countries can negatively affect the outcome of your home purchase.

When making an offer to purchase property in Toronto you will be required to present a deposit of 5%-10% of the purchase price in the form of a certified cheque, bank draft or money order in Canadian funds from a Canadian bank.

If you are applying for a mortgage this becomes even more crucial to have the funds seasoned here in Canada. As an international buyer it is possible to obtain a mortgage on up to 65% of the value of the property. This means you would need a down payment of 35% or more. In order to qualify the lender will want to see income tax returns so they can verify your ability to carry a mortgage.

Retaining a mortgage broker to assist you in the financing of your Toronto property can save you time and money. These licensed mortgage specialists have access to many Canadian banks and can negotiate the lowest rate for you. This eliminates the need for you to go from bank to bank to get their best rate. Because of the quantity of mortgages they deal in they get volume discounts and those savings are passed onto you. It does not cost you anything to get your own mortgage broker as their fee is paid by the lender. You can find a good mortgage specialist through your real estate agent.

Canada is known for having the safest banking systems in the world and as a non-resident one can easily open a Canadian bank account through a personal visit to the bank branch and providing applicable photo identification.

Have Questions About Buying Real Estate In Toronto? Contact Me

Welcome To Toronto Canada Non-Residents Guide To Purchasing Homes Condos In Toronto Victoria Boscariol Chestnut Park Real Estate Victoria Boscariol is a real estate agent in Toronto Canada with Chestnut Park Real Estate Limited Brokerage. With over 20 years experience, Victoria has been helping people successfully buy and sell condos and houses in Yorkville and downtown Toronto. As a Certified International Property Specialist (CIPS) she has worked with Buyers from around the world moving to Toronto from China, Russia, Brazil, India, South Africa, United Arab Emirates, Jordan, Cyprus, Italy, Germany, The United Kingdom, Australia and the United States. 
Your Passport To The Perfect Property In Toronto

International Buyers Guide To Purchasing Real Estate In Toronto 

Valuable Advice For American Buyers Purchasing Real Estate In Toronto Canada 

How The Real Estate Market Works In Toronto Canada 

Requirements For International Buyers Of Toronto Real Estate ...What You Need To Know Before You Begin Your Property Search

Taxes And International Buyers Of Toronto Real Estate

Going From Buyer To Toronto Property Owner - The Real Estate Transaction Process In Toronto

Closing Costs For International Buyers Of Toronto Real Estate

Selecting And Working With A Real Estate Lawyer When Buying Property In Toronto Canada 

Understanding The Paperwork..Important Elements of The Agreement Of Purchase & Sale When Buying A Toronto House Or Condo

How To Make Make An Offer & Negotiate The Purchase Of A Toronto Home Or Condo  

Real Estate Prices Around The World & Why Buying A Toronto Condo Is A Shrewd Investment

Urban Dictionary Of Real Estate Words, Terms & Meanings Unique To Toronto Canada