Vancouver Condo Real Estate Video Blog #243 - February 11, 2009
Non Residents & Americans Buying Real Estate in Canada
Ian Watt video blogs about how buying Vancouver condos and other real estate in Canada is no different for Non-Residents and American investors as it is for Canadians. If you want to voice your opinion or if you don't care for Ian's comments please email your feedback to ianwatt@ianwatt.ca and visit http://www.ianwatt.ca/RealEstateVideos for all the Ian Watt Real estate Video Blogs.
Non Residents & Americans Buying Real Estate in Canada from Ian Watt Vancouver Condo on Vimeo.
Ian Watt: Hi good afternoon! It’s Ian Watt in Downtown Vancouver. Right now because the exchange rate is so favorable for Americans couple with reduced prices maybe 10 20% in Downtown Vancouver. Plus mortgage rates being at the all time low. What were seeing is lots of Americans coming up to Vancouver to buy some condos as rental or vacation properties. Now the one thing that you have to remember if your a non-resident of Canada. You can buy a property no differently like a Canadian ca. Your only difference is what you have to put down. You have to prove that you are not going to walk away. So there gonna ask you probably for about 30 to 35% down. It's almost like as if you are a Canadian self-employed. But the big difference comes when you sell because what the Canadian government to do. They gonna hold back any capital gains that you have. Just so you pay your taxes because Canada loves taxes. So anyways they gonna hold back some money when you get all your taxes paid. You gonna get a clearing certificate from the government and get the remainder of your profit back. If you want to discuss buying properties in Vancouver for non-residents. You can always email me at ianwatt@ianwatt.ca. Thank you very much and have a great day!