Campbell River is a premier holiday and retirement destination. Increasingly we are seeing international buyers migrate to Campbell River for its pristine beauty and affordability. More about Campbell River...
Not a Canadian resident, but thinking of buying in Campbell River? Here are a few tips that you might find helpful.
- No restrictions exist for a non-resident to purchase real estate in Canada, nor are there tax implications or extra fees payable at time of purchase
- Typically, a minimum of 35% down payment on your mortgage is required. However, in some circumstances a smaller down payment may be possible
- To complete the financing of your home, you will be required to provide your Canadian financial institution with various documents, including: a bank reference letter from your home bank; past bank statements; and personal net worth statement. banks cannot register mortgages in Canada, so any mortgage would have to be raised via a Canadian mortgage broker.
- If you plan on renting your property, you may be subject to a federal withholding tax (income tax) on the gross income. You could opt to elect to file a Canadian Tax Return to report only the rental income earned in Canada, in which case your taxes are based on the net income from the property
- If you are planning on permanently relocating to Campbell River from abroad, you will need to apply for landed immigrant status. However, if you are looking for a recreational property where you reside fewer than 6 months per year then this does not apply.
International buyers have added complexities to consider in their home or property purchase; Glenda's experience in dealing with clients from abroad and her dedication to providing excellent service ensures that all of your questions are answered.
Glenda was extremely helpful and supportive-especially as we didn't know the Canadian system. She picked us up to go for some viewings and her general manner was far beyond any service we've experienced in England.
Glenda was professional and provided insight into the surrounding area real estate at all levels (from condos to homes). We were not present during the building process of our home; Glenda kept on top of the process to see it through to completion.