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Today: 17.01.2018 - 21:40:35
   Canada Mortgage Hub Discussion Board -> Mortgage Vancouver -> Can Foreigners buy a ''Summer Condo'' in Canada?
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pajohns

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Can Foreigners buy a ''Summer Condo'' in Canada?
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pcomeau

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Yes, thousands of foreigners are buying real estate in Vancouver and Toronto. I do expect the government to put a curb on these activities in the near future. . Windsor, Ontario is currently very cheap how. Most experts said the price in Windsor will catch up with the country very soon. I am expecting a 80% value increase in 5 years.
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renie

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Foreigners may purchased property in most of Canada. This is not a practical thing to do for a 90 day trip... the process of finding, bidding, taking possession, etc. will usually take several months. You will also need to arrange to bring the money into Canada and a lot of sellers won't want to touch you. You certainly won't likely qualify for a mortgage and banking laws of foreign accounts will be an additional step. Likewise, you won't be able to sell it easily after the 30 days are up. Finally, you'd take a massive hit in terms of taxes on all those transactions not to mention likely not getting your original money out of it -- even if you can find a buyer.However, lots of foreigners have purchased property. Many Chinese and Hong Kong residents own property in Vancouver -- either renting it out or using it for vacationing.
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