Buying A Presale Condo on Work Permit in Canada
Can International students or work permit holders temporary residents on work permit buy a property in Canada?
Absolutely, yes. Canada’s real estate market is open to just about anyone living beyond the country’s borders, including Canadian citizen and non-citizen alike
Buying property is a big decision which can be made easier if you know where you can begin.
Please read on to find useful information on purchasing real estate and a guideline for buying presale condos in Surrey or anywhere in Lower Mainland.
What defines Non-resident of Canada?
- Anyone who routinely, normally, or customarily lives in another country and isn’t considered a resident of Canada
- A non-resident is someone who does not live in Canada and whose main source of income is not from employment or self-employment carried on in Canada.
- A person with no significant residential ties in Canada and has either lived outside the country throughout the tax year or has stayed in it for less than 183 days in a tax year
- A student, work permit holder, a temporary reside, spousal dependant and in most cases people on any other temporary visa are all under the non resident of Canada umbrella
How to Buy Property on Work Permit or any Temporary Visa?
If you’re interested in buying a condo without Canadian citizenship, or Permanent Residence you may want to consider purchasing a pre-construction condo.
This is a great option for someone on work permit and a non-resident buyers, who are in the process of getting their PR because it allows you to buy at today’s price, save up money & by the time your PR application is approved, you should be ready to complete on that pre-construction property.
Buying a presale condo without PR for new immigrants is one of the options that you can take if you want to live in Canada. You won’t have to pay a foreign buyer tax of 20% at completion because the title of the property only registers at land title office on completion date instead of purchase date.
This means that you will have to pay a deposit upfront for a pre construction condo and wait for it’s completion. By the time you’re waiting for your completion you will have your PR application approved by the Canadian government.
The advantage of buying a pre-construction condo is that you would have ample of time to get your finances in order, getting your mortgage approve, get your PR approved and prepare yourself for the lifestyle you will be suited for.
How much is required for a down payment of a presale condo from a Non-resident?
The amount of money that you will need to put down on a preconstruction condo is determined by the developer and varies from project to project.
The average down payment for a preconstruction condo is about 20% of the purchase price, but this can range anywhere from 10% to 30%.
How do I qualify for a mortgage of a Presale condo as a non-resident?
While you’re writing the contract for a presale condo you can get away with just paying the initial deposit of a presale condo or getting pre-approved.
Before your completion date you would have to secure your financing with any of the banks you deal with.
At Ipresalecondos.com we have an experienced team that specializes in presale construction projects and some of our team members can help you lock in your mortgage rate for up to 2 years in advance. Contact us for more information.
How do I find tenants for my Presale Condo Investment?
At Ipresalecondos we offer our property management services that are designed to help you find tenants and manage your property. We work with you to understand your goals, then we use our expertise to help you achieve them.
Our team takes the time to understand what makes your property unique so that we can attract the right people, who in turn will be able to pay their rent on time and take proper care of your building.
Final Thoughts
As a Buyer, when you Buy your home or condo with Ipresalecondos, you DO NOT pay us any fee or commission.
If you’re looking to buy a presale condo as an international student or on a work visa, a fair amount of research and time is needed to make sure you make money from it.
That’s why a lot of people prefer to do it through real estate experts who do the research and picking the right real estate product for them.
Whereas, real estate always goes through cycles and even if you catch a bad timing while buying a presale property, it is a matter of time that it will be back on it’s feet as the economy progresses.
Without the right information, it’s easy to make a wrong decision when buying property. Here’s some help. Contact Ravi Bhindi, at 604-825-8881 so you can make an informed presale decision
