Have you been thinking about getting into the Canadian real estate market? For your convenience, we have put together resources and a quick guide covering the basic rules and regulation of buying a property in Montreal, Quebec, Canada (or in any other Canadian province). Foreigners can own condominiums as well as homes.
Montreal real estate is booming as more and more foreign investors are falling in love with this city and are wanting to own a piece of it. This isn’t surprising given that Montreal is the business capital of the largely French-speaking province of Quebec, and Canada’s second largest city by population.
Furthermore, Montreal has been named the world’s best city for students, beating out London, Berlin, Boston, and Tokyo in a global ranking of 125 cities. Montreal’s position is based on six rankings: the quality of the universities (McGill ranked 24th in the world and 1st in Canada in the 2016 QS university rankings); diversity of the student population (approximately 27% of students at the ranked universities (McGill and UDEM) are international).
We have helped many non-residents buy properties in Montreal, Canada and have identified some questions that come up frequently. I worked with buyers from around the world moving to Montreal from China, Russia, Hong Kong, South Korea, South Asia, Africa, South America, the Middle East /Gulf countries, Europe, United States and other countries as well.
For the International / Non-Residents Ownership:
Canada welcomes home buyers from all countries around the world and there are no limitations on the number, or kind, of real estate or business that you can buy. That being said, some banks will finance only up to 2 or 3 properties per person.
Requirements for Foreign or Non-Resident buyers of Montreal Real Estate.
The rules regarding Non-Residents buying real estate in Canada are not actually related to citizenship – even Canadian citizens who don’t reside here for more than 180 days (or half of the year) are considered non-residents (and thus subject to the same rules).
Taxes Questions and Good news for International or Foreign Buyer in Quebec!
There are no additional taxes for non-residents when buying property in Montreal or in any other part of the province of Quebec.
Important Tax Info for Toronto Market: As of April 21, 2017, any individual who is not a Canadian citizen or permanent resident of Canada (including corporations and trusts) is subject to a Non-Resident Speculation Tax (NRST) of 15% of the purchase price (paid at closing) for properties purchased in Toronto, Ontario.
Important Tax Info for Vancouver Market: Introduced in July 2016 the tax bill initially required foreign entities (including foreign nationals) to pay an additional 15% on the purchase of residential property in Greater Vancouver. The current provincial local government increased the amount to 20% in February 2018 and expanded its reach to include the Fraser Valley, Capital Regional District, Nanaimo Regional District, and the Central Okanagan.
Financing with a bank for Foreign or Non-Resident Buyers:
Note: If you don’t meet the eligibility requirements, you may still be able to get financing from other lenders who charge higher interest rates.
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Emdadul Hoque, Realtor
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