If you need some help with regards to buying real estate in Canada then here’s what you should do:
1. Look for the popular locations
Down the years, intrepid Britons have immigrated to every part of Canada. For those contemplating the purchase of a holiday home, however, travel time and cost will probably govern the choice of location. These will vary considerably depending on whereabouts in the UK you live. Owing to the comparative ease of travel, British second home purchasers have traditionally favoured eastern Canada. However, the recent introduction of low-cost transatlantic services has led to increased interest in western areas. Purpose-built resorts are also proving popular. We hope this guide provides a place to start. There are many resources to help with further research, including television and radio programmes, magazines, the Internet and property exhibitions, as well as estate agents in both the UK and Canada.
2. Newspapers and real estate magazines
Check the new homes section in daily newspapers. Look for the free real estate magazines available at newsstands, convenience stores and other outlets. These publications are free and give pictures and short descriptions of homes for sale.
As a Canadian resident, financing is typically available at 75% of the purchase price for a primary residence over a 25-year term. For a non-resident, the ratio is generally 65% mortgage and 35% as a down payment. Qualifying for the mortgage financing is probably the same as in other countries – interviews via phone, fax, e-mail to gather personal information which includes assets/liabilities, employment and/or income information. Each borrower’s application will be considered on a case-by-case basis. Your realtor will be able to advise you on suitable mortgage brokers.
The mortgage approval may take approximately 24-48 hours after application and documentation has been submitted to the lender. The documentation generally required is income verification, tax returns, credit bureau or bank’s report (letter from borrower’s own bank stating that all accounts are in good standing to date), down payment confirmation via bank statements, copy of 2 pieces of ID and real estate appraisal. Foreign banks cannot register mortgages in Canada, so any mortgage would have to be raised via a Canadian mortgage broker.
Source: Assignments Canada
Canadian University Real Estate
3215 Macdonald St Vancouver, BC V6L 2N2