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Learning, Sharing, and Teaching => Ask a Mustachian => Topic started by: HairyUpperLip on March 28, 2014, 02:21:27 PM

Title: Buying Property In Canada
Post by: HairyUpperLip on March 28, 2014, 02:21:27 PM

Hello

Canadian born, current USA citizen/resident here...

are we eligible to purchase property in Canada?

anyone know the criteria?

thanks!

Title: Re: Buying Property In Canada
Post by: HairyUpperLip on March 28, 2014, 02:21:58 PM

Looking to finance the property for a rental/investment. should have said that in the first post. sorry.

Title: Re: Buying Property In Canada
Post by: Gerard on March 28, 2014, 03:20:33 PM

As far as I know, pretty well anyone can buy property in Canada. Some of our more xenophobic citizens blame our current high big-city prices on non-residents buying so much property for speculation, rental, or escape-hatch reasons.

There may, however, be tax consequences to living in the US and making money off a Canadian rental. I have nothing useful to contribute to that conversation.

Title: Re: Buying Property In Canada
Post by: nereo on March 28, 2014, 07:48:18 PM

I'm a US citizen and I've purchased a home in Canada, where I now live. 
Overall it's pretty much like buying a house in the US.
The biggest hurdle I had to overcome was that my credit score in the US simply did not count in Canada.  My entire credit history, my 10+ years of never having missed a payment, it all counted for squat.

few other subtle differences, but nothing major.
any specific questions about the process?

Title: Re: Buying Property In Canada
Post by: livraison on March 29, 2014, 12:53:46 AM

This seems like a pretty comprehensive overview:

http://www.cbc.ca/news/canada/real-estate-rules-don-t-discriminate-against-foreigners-1.1216517

With the usual warnings to double-check for accuracy anything a journalist might say.