BUYING IN KELOWNA
The bottom line is that buying real estate in Canada is very easy.
From a residency point of view, if you plan to stay in Canada for 6 months or less each year, the government considers you a non-resident. This means that you can still open a bank account and buy property, etc. However, if you plan to live in Canada for more than 6 months per year, you must apply for immigrant status.
It is important to also note. that while the majority of Provinces (British Columbia, Ontario, Quebec, Nova Scotia, Newfoundland, and New Brunswick) have no restrictions on foreign ownership of real estate in Canada, some do limit the amount of property/land that a non-resident can purchase. There are also specific taxes levied on foreign buyers in some provinces. As a result, it’s very important to have a real estate team who can guide you through the process.
On Prince Edward Island, non-resident buyers must apply to the Island Regulatory and Appeals Commission for land over 5 acres in size, or land with a shore frontage greater than 165 feet.
In Manitoba, non-residents are prevented from owning farmland unless they actually plan to move there within 2 years. Non-residents may not own land over 10 acres in size in Saskatchewan. In Alberta, they may only own up to 2 plots of land not exceeding 20 acres in total.
Have you chosen a REALTOR®?
Once you have chosen a REALTOR®, secured a mortgage, and found your property, an offer is made, and once accepted, a deposit is payable. When buying a house in Canada, an offer must be made in writing so that all aspects of the transaction are clearly outlined. Once you (the buyer) have signed the document, it becomes legally binding. If you withdraw from the offer at this stage, you may lose your deposit and may also be sued. Ensure that every item on the property, i.e. carpets, fixtures, and appliances, is written on the offer as ‘chattels included’.
Your REALTOR® should also insert two clauses stating that the offer will only proceed subject to building inspection and that you as the buyer are able to meet your financial obligations. Once your offer is complete, it will be presented to the seller and negotiations will be made. This may include changes in price, completion date, and chattels. The changes are initialed by the seller and returned to you (the buyer) for your initials.
The resulting Agreement of Purchase and Sale will state the purchase price and the deposit. The deposit is placed in a trust account and is credited towards the purchase price once both the seller and the buyer have accepted the offer and the transaction is complete.
Neufeld Jones would be happy to help you buy real estate in Kelowna today or in the future. Get in touch with us and follow us on social media for great tips!
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