Non-residents can legally buy, own and sell real estate in Canada. Ontario (like most other provinces in Canada) has no restrictions on foreign ownership of real estate.
If you stay in Canada for 6 months or less per year, you are considered a non-resident. You must apply for immigrant status, if you stay in Canada for more than 6 months.
A non-resident can generally open a bank account and buy property. Usually, with a 35% down payment, mortgage financing can be arranged through local banks and mortgage brokers.
The provinces of Ontario and British Columbia have introduced a 15% foreign buyer tax for certain regions such as Greater Vancouver Regional District and the Greater Golden Horseshoe Region.
Canadian income taxes are complex and the taxation of Canadian real estate depends on whether the use of the property is for a principal residence, an active business or as a rental property. We suggest to seek advice from a qualified tax expert and/or accountant to discuss individual tax concerns.
Real Estate in Ontario is organized and governed by the Real Estate Council of Ontario (RECO), the Ontario Real Estate Association (OREA) and the Canadian Real Estate Association (CREA).
A licensed Realtor registered with the Toronto Real Estate Board (TREB) can show any property listed for sale on the Multiple Listing Service (MLS). It is not necessary to have more than one Realtor working for you.
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