Updates non-residents small

Recently James, a non-resident from Singapore purchased a property in Toronto.  We completed the deal from start to finish in 10 days, which was highly stressful for both the borrower, realtor and mortgage broker – yours truly.

Everyday, I was faced with lender delays, appraisal delays’ and many phone calls back and forth to verify details.  It was not clear that we would be able to close and both James and the seller could not extend closing, which led to further stress.  James was leaving back to Singapore on July 29th and the sellers were closing on another property on July 30th.  Our closing was set for July 27th. Deadlines all around were tight.  The only positive was that the realtor already had the status certificate reviewed by the lawyer, before the purchase agreement was signed, which saved us time in the process, enabling me to send that in with the paperwork to the lender.

I realized that it was the lack of explanation on my part that facilitated this occurrence and thought that this example would be a great learning tool for your purchases in Canada.

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Sellers-small

As the summer approaches, I start to get inquiries from Canadian non-resident or expat clients, inquiring about how to purchase properties in Canada.

Many of these clients are Canadian citizens but they are working and living abroad in countries, such as, Dubai, Singapore, Abu Dhabi and England just to name a few countries.  Canada, luckily enough is very favourable to foreign investment, and while these clients are not considered foreigners, once they live outside the country for a number of years, and no longer pay taxes at home, they are not considered citizens and thus do not enjoy the same financing benefits for residents of Canada.

Thus, I thought a good primer would be good.  Let’s look at a recent example.

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