Tips for Foreigners Buying Homes in Vancouver from your Real Estate Agents in East Vancouver

  • Tips for Foreigners Buying Real Estate in Canada

     

    Canada has become an increasingly population destination in recent years, and Vancouver is leading the charge as one of the country’s premiere cities. Each year Vancouver plays host to thousands of visitors and, more recently, foreigners are contacting real estate agents and inquiring about how to buy a house in the desirable neighbourhoods in East Vancouver. If you have residency in Canada but reside elsewhere, to buy a house in East Van is no different than if you lived in the country. If you are hoping to buy a house in East Van as a true foreigner with no ties to Canada, there are a few additional things to consider. Thankfully, our experienced team of agents at Team Kerr is full of East Vancouver Real Estate Agents who know the area well and are here to help. Continue reading for some preliminary things to consider as you look at purchasing a house in Vancouver and, when the time is right, reach out to us at Team Kerr to really get the wheels in motion.

    Familiarize Yourself with Stipulations of Foreign Home Ownership

    Each country has different rules and regulations when it comes to owning a home, and many of these stipulations differ between nationals and foreigners. Sometimes residency permits are required or you may need to register with the government before closing on your new home – adding one more step in the process. Before going to far down the home buying process, check with real estate agents in East Vancouver and the professionals at Team Kerr to make sure you have taken all of the appropriate legal steps to buying a home as a non-citizen.
    https://www.getwhatyouwant.ca/international-buyer-guide

    Understand the Difference in Cost of Living

    Of course it seems like such a romantic idea to own a home in Canada or any other foreign country, and it can be, if you are prepared to do so. Oftentimes homebuyers get swept up in the process and excitement and forget to examine the differences in cost of living between their native country and where they have purchased a home internationally. Incidental costs like food or medicine and healthcare can add up quickly if you have not budgeted for a higher cost of living than what you are used to. The last thing you want is to buy a home and not be able to afford living in it. Check the link below for a better understanding of cost of living in Vancouver.
    https://www.expatistan.com/cost-of-living/vancouver

    Additional Real Estate Taxes for Foreigners

    Each province has different taxes when it comes to real estate. In British Columbia, all residents have to pay a property tax. In addition to the property transfer tax, if you are a foreign nationalforeign corporation or taxable trustee, you must pay the additional property transfer tax on your proportionate share of a residential property transfer if the property is within specified areas of B.C. 
    https://www2.gov.bc.ca/gov/content/taxes/property-taxes/property-transfer-tax/understand/additional-property-transfer-tax

    Vancouver has become a popular city both to visit and to call home. People from all around the world are enjoying what our little slice of heaven has to offer – some foreigners so much so that they are exploring different options to buy a house in East Van. You, too, can join in on the excitement. Whether you are a Canadian citizen or non-national, now is the time to look at settling in one of this country’s most desirable cities.

    Contact Team Kerr today to start your home search.

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