Many people of the world prefer to immigrate to Canada. However, it appears to be an impossible task for a considerable group of enthusiasts. Consequently, people continually look for alternative choices. Could purchasing a property in Canada be an alternative option for migrating to Canada? Or at least, could it assist you to boost your possibilities? Let’s explore the answers to these questions.
Can foreign nationals buy properties in Canada?
Canada regularly welcomes foreign investment. Consequently, the Government does typically not say no to your investment. However, Canada is susceptible to money laundering. As a consequence, the source of buying a property must be clean. Of course, an accountant with knowledge of the subject matter could help you dodge potential issues. Although, you must have sufficient financial resources or strong enough funding to make the purchase.
The Government of Canada exacts trade restrictions on some individuals or entities from time to time. Depending on the nature of the penalties, property ownership could be out of the problem. Also, keep the following in mind:
- If you buy a home in the Greater Toronto Area, you must pay a 15% Non-Resident Speculation Tax (NRST). Of course, you have to calculate this amount to the purchase value of homes.
- Sadly, the Greater Vancouver Area has a related policy. Moreover, they charge a Vacancy Tax if you do not own your residence.
Consequently, you apparently need to stay away from Toronto and Vancouver and their surroundings if you do not suspect to be a permanent resident soon.
Could you secure a mortgage as a foreign buyer?
You may qualify for a mortgage as a foreign buyer. Although nothing is certain, you could consider the following guidelines:
- If you are a US citizen with verified income, you could acquire up to 80% of the purchase price.
- As a non-US foreign buyer with verified payment, you could borrow up to 65% of the acquisition price.
- If you cannot check your income, expect to post a 50% down-payment or more.
Of course, the bank has an ultimate say. Although, make sure to shop around for the greatest deals. It’s no mystery; buying a property is no simple task whether you expect to immigrate or not.
How does buying a property could help you in immigration to Canada?
At this point, there is no immigration benefit attached to buying properties in Canada. Consequently, you may not migrate to Canada by purchasing a residential, commercial or industrial property only. However, holding assets in Canada is a copy of your attachment to the country. If you also confirm that you have lived in your Canadian home, it could prove your establishment. Hence, you could use property ownership in two potential ways:
- In a PNP application purchasing a property in the province could be evidence of commitment. Consequently, the area is less worried you intend to leave the region after immigration. Of course, despite extraordinary situations, property ownership is not a determining factor.
- If you are migrating under H&C, owning a Canadian property could be a definite factor. Yet, the officer holds many other criteria before ruling in your favour.
Conclusion about buying a property and immigration to Canada
We could presume that you must visit away from purchasing a property in hopes of migrating to Canada. But, in rare situations, property ownership could diffusely assist you. Of course, you may discuss with a professional to explore your circumstances.
For more details, you can discuss our requirements with Catherine Nacar. Please get in touch with us today.