Property for sale in Canada

Real estate in canada

With flat, sandy beaches and looming, gigantic mountains, vast open plains and bustling cities, Canadian real estate is as diverse as it is immense. Vibrant South Asian and Chinese communities add ethnic and cultural diversity to this exciting country. Rules Governing Non-Canadian Real Estate OwnersAny non-Canadian who intends to purchase real estate within Canada and assemble tenants for rent must file form NR6 prior to receiving the first months rent. This form permits the property owner to remit taxes on their net estimated rental income. Those who do not file this form must remit 25% of their monthly rental income to the government—by the 15th of the next month. Most realtors recommend filing for this certificate as soon as you accept an offer and are finalizing the close on your property. Avoid paying the 25% government royalty—file early.Costs Involved in Buying Canadian Real EstateIf you're considering buying Canadian real estate, keep in mind the various miscellaneous costs that are associated with closing on a property. A few basic costs include:Taxes: Canada imposes a 7% tax on new housing, with an applicable rebate if the cost of the home is less than $450,000. Resale housing does not draw the tax unless it has undergone significant renovation. If so, it's taxed as if it was a new house. Property Taxes: Property taxes vary depending on location. Your realtor can give you details depending on your location. Appraisal Fee: If your loan is uninsured, the lender may ask you to complete a property appraisal. Appraisals cost anywhere between $150 and $500. Appraisers generally charge based on square footage. Other various costs could include lawyer's fees, survey fees, property insurance and home inspection fee.Buying real estate in Canada can be an exciting experience. The best advice is to plan ahead—both in property selection and financing.