The Importance Of Buying Real Estate In Canada

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If you are moving to Canada for work, school or family reasons, it’s likely you will eventually buy a home. For an American citizen buying real estate in Canada, the process is very similar to how it is at home, but there are a few differences that you should know before you go house-hunting. There are no legal restrictions on Americans buying Canadian real estate, but foreigners are treated differently in some ways. Down Payments Typically, you won’t find “deals” that entice you into buying a home of that help you get into a home with very little money as you will in the States. Generally, Canadian home sales will require you to provide 25 to 35 percent of the purchase price as a down payment. Payment If you apply for a mortgage, you will need to go through a Canadian lender. They will perform a credit check through international reporting bureaus, so your results may be slightly different than what they would be from the three major credit bureaus in the United States. Lenders may also contact your American banking institutions for more information about your banking history and creditworthiness, and you may have to provide documentation from your American banks.…show more content…
In Canada, both banks and Real Estate agents report transactions of $10,000 or more to FINTRAC, the Financial Transactions and Reports Analysis Centre of Canada. FINTRAC is used to record “suspicious” transactions, but the definition of “suspicious” can include many legitimate circumstances, including paying cash, buying a property for investment purposes or without immediate plans to move in, or in the name of a legal entity – like a family trust or a guardianship
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