Many people around the world want to go to Canada. However, it seems to be a difficult task for a large group of lovers. As a result, people are always looking for other options. Is buying land in Canada an option to move to Canada? Or at least, can it help you improve your options? Let us examine the answers to these questions.
Can foreign nationals buy properties in Canada?
Canada always accepts foreign investment. As a result, the government does not always say no to its investment. However, Canada controls the money transfer. As a result, the asset purchase base must be clean. Of course, reading it with an understanding of the subject can help you avoid problems. Regardless, you have to have enough financial resources or you have enough money to make a purchase.
The Canadian government imposes trade penalties on individuals or companies from time to time. Needless to say, due to such sanctions, land acquisition is not possible. Also, keep the following:
- If you purchase a home in the Greater Toronto Area, you have to pay a 15% Non-Resident Speculation Tax (NRST). Of course, you have to add this amount to the purchase price of homes.
- Unfortunately, the Greater Vancouver Area has a similar policy. Moreover, they charge a Vacancy Tax if you do not occupy your residence.
Consequently, you probably need to stay away from Toronto and Vancouver and their surroundings if you do not expect to be a permanent resident soon.
Generally speaking, you may qualify for a mortgage as a foreign buyer. Although nothing is definite, you could consider the following guidelines:
- If you are a US citizen with verified income, you could borrow up to 80% of the purchase price.
- As a non-US foreign buyer with verified income, you could borrow up to 65% of the purchase price.
- If you cannot verify your income, expect to post a 50% down-payment or more.
Of course, the bank has the final say. Regardless, make sure to shop around for the best deals. It’s no secret; buying a property is no easy task whether you intend to immigrate or not.
At that time, there was no migration option associated with the purchase of property in Canada. As a result, you will not be able to travel to Canada by purchasing a residential, commercial or industrial residence. However, owning property in Canada is a sign of your connection to the country. And if you show that you live in Canada, you can recommend your release. Therefore, you can use land ownership in two possible ways:
- In a PNP application buying a property in the province could be an indication of commitment. Consequently, the province is less worried you intend to leave the province after immigration. Of course, despite exceptional situations, property ownership is not a decisive factor.
- If you are immigrating under H&C, owning a Canadian property could be a positive factor. However, the officer considers many other criteria before ruling in your favour.
We could conclude that you must stay away from buying a property in hopes of immigrating to Canada. However, in exceptional situations, property ownership could indirectly assist you. Of course, you may consult with a professional to explore your personal circumstances.