They made our complex file very easy for us to understand and complete and were always available and responsive when we had questions. Aside from the low rate, as a first time home buyer, Steve spent so much time with me helping me along the way and educating me on an area I felt I didn’t know a lot about. He was so helpful, knowledgeable and always quick to respond. As well as his perseverance, Vernon was continuously responsive to every correspondence that came his way. However, there are certain considerations that the non-resident must be aware of. I am a seasoned home owner who is so grateful to have found Vernon Bovell from mortgages.ca! During the pandemic, it was very easy to work virtually with James. He was only a phone call away and always stopped to take the time Trust is everything and I feel so lucky to have had Steve during this whole process. We have put everything on those pages that we can possibly think to put and are working on new videos for each pages as well. Don’t even bother with a big bank, just deal with Steve and Zayna and you will not be disappointed. In fact, the buying process is pretty much the same as for local citizens. If you’re a non-resident, withholding tax on Canadian investment income, like interest and dividends, is typically 25 percent. Property Taxes . Buying a home from another country can seem like an overwhelming prospect because there’s so much to learn. We could not ask for more, and we feel very fortunate to have had Scott batting for us.read more, Thank you so much Scott Nazareth for… the helpful mortgage services, Regards.read more, We had a very positive experience with… Scott in buying our first time home. Once you arrive, we need to hit the ground running. However, the more you can do, the better. Financial Institutions have implemented a stress test for mortgages with more than 20% downpayment, where you need to qualify for the mortgage at a higher rate than what you will actually be paying, to ensure you can afford the home if mortgage rates were to increase. Best recommendation I have had in my adult life. For the most part, provided they meet the mortgage eligibility criteria, non-residents can access the same mortgage products that are available to residents of Canada. As licensed mortgage brokers, we work with home buyers and a wide array of major lenders to match people with the perfect mortgage for their needs. He exceeded my expectations and was always looking out for his client. For non residents, you might not have local rental history, local credit, or local references. We recently just bought our second house and he was AMAZING. Thanks Steve, it’s been a pleasure working with you! walk in the park. Second, non-residents must be present at closing, as there are no power of attorney options for closing. The Canadian real estate market today is fortunately a buyer’s market, making it all the more easier for American and other expats to buy property. There are lots of Canadians looking to rent, let alone non-residents. Once I secured my rate I was expecting to handed off to the bank for my application (not sure if this is standard) but instead James collected all the paper work from the bank and filled in some of it for me, circled the areas for signature etc. government’s 15 percent foreign buyer tax and three percent property transfer tax on homes over $2-million in the Vancouver Regional District. If you are looking at Oakville, almost all the public schools are excellent, which is part of the reason for higher relative house prices. Why get a second property? I would recommend them to everyone who is looking for a new mortgage.Thank you James and Zayna for your all help throughout this process.read more, Scott Nazareth has been amazing… Mortgage Broker in assisting the right mortgage deal for our home. know anything about the financing process. If you buy real estate from a foreign (non-resident Canadian for tax purposes) seller and they have not paid their taxes, you may be responsible for all the taxes the seller owes! They factor in job prospects, housing, transportation, amenities, and overall quality of life. He was only a phone call away and always stopped to take the time Trust is everything and I feel so lucky to have had Steve during this whole process. If you are a Non-Resident planning to sell a property in Canada or a buyer who is purchasing a property from a Non-Resident of Canada, you must read this important article regarding tax implications! absolutely incredible. I tried out mortgages.ca and any question I had, I got a reply right away. Mortgage Architects Brokerage Lic # 12728 - Independently owned and operated. mortgage. guy is tremendous. Canada Revenue Agency’s (CRA) guidelines state that a … You guys are very thorough, professional and very much appreciate taking the time to explain the process. Steve walked me through the entire process and and answered all of my questions with patience and understanding. Steve has helped us buy both the homes we own and we would recommend him in a heartbeat! He not only comes up with super creative options but also does it in the most calm and effective manner. The Non-Resident Speculation Tax is equal to 15% of the price of the property and paid upon closing. James was also very patient during my home search when I would send him different listings to get an idea of what our maximum bids would be. Real Estate-> Buying real estate from a non-resident Buying Real Estate From a Non-Resident. I’d like to treat them some champagne for helping me with my 1st mortgage so well. Most importantly they were very responsive eliminating any concerns.Such a pleasure . My realtor was very impressed with his dedication to the deal and professionalism. Architects (mortgages.ca) embodies the modern brokerage firm you need to help you with the biggest transaction of your life. Thanks Scott.read more, To my biggest surprise, my first time… buyer experience was very smooth. In the interest of transparency, and ensuring you get the best possible advice and service when you critically need it, we want to tell you the steps you need to take first. Thank you Steve! It was a seamless process. Over the last 10 years, major reviews have consistently put one or both of these cities on Canada’s best places to live. As always, I will refer James to my clients and use him for all my personal business. Above, The Bond Condos in Queen West, Toronto. Ask for Scott Nazareth & you wont be disappointed! The onus is on the landlord to document every detail and submit/sign all paperwork properly in order to be considered. See the link above for full details. I tried out mortgages.ca and any question I had, I got a reply right away. Lenders will not allow applicants to include rental income as part of their income to qualify. They answered all questions in a timely manner, making sure that we were always informed and comfortable. Q: I need help buying Canadian real estate. I want to encourage anyone who is in the market to contact Steve Harrison. what I was getting myself into. Mississauga is Canada’s safest large city. I found my mortgage broker for life! This was above and beyond. You can see how dedicated he is. James and Mayra were so helpful, responsive and understanding throughout the whole process, and their expertise gave me a huge amount of reassurance as a first time homebuyer. Because of James, I was able to seamlessly purchase properties, in a structure that best suited me and my interests. We also suggest using our favourite online tool, Google Maps, for you to see not just houses, but neighbourhoods. Is there village life close by – pubs, shops, etc? The team went out of their way to explain all the different options of mortgages for me in a simple, straight forward approach. Very effective and made it easy to work through. But we argue that this decision is far too important to have blind faith in just any agent. Vernon worked tirelessly to secure a great mortgage for me when other brokers could not. The truth is, successful and skilled agents do not make enough money on rentals to spend more than a few hours with a rental client, even on executive rentals. Thanks for helping us own our dream house and a piece of this great city! As a first time home-buyer, I had very minimal knowledge on .. basically anything I had to do. We had a unique situation so our mortgage required expert review. I am grateful for James’s & Co guidance throughout the process, making it a breeze from the beginning to the end. James and Mayra were so helpful, responsive and understanding throughout the whole process, and their expertise gave me a huge amount of reassurance as a first time homebuyer. you want to work with! They also went above and beyond in terms of prompt responses and help during the erratic timelines of the offer and closing process. Contact the Village Guru today and we will help you in any way we can. Like all buyers, they must follow the proper procedures for purchasing a property. Highly recommended!!! Leveraging The Equity in Your Home To Buy A Cottage Now, The New Normal: Home Appraisals During COVID-19, The Reverse Mortgage: Why It May or May Not Work For You. You guys are very thorough, professional and very much appreciate taking the time to explain the process. Lenders define a non-resident as someone who does not earn an income here and who does not file taxes in Canada. I am a seasoned home owner who is so grateful to have found Vernon Bovell from mortgages.ca! My realtor was very impressed with his dedication to the deal and professionalism. As with all investments, you make the money when you buy the home, for the right price. We have bought several homes but this was, by far, our most stress-free experience of obtaining the right mortgage for us! The efficient and effective work really allowed me to feel at ease that I was getting the best service, rate and lender to make my dreams a reality! The more research you do to clarify what you want, the smoother the process goes moving forward. There is some crime that occasionally happens in specific known areas, but as a law abiding citizen, you can live your life with ease of movement and freedom. mortgage. Being a first time home buyer, I had a lot of questions that would come to me at different times through the home buying process, but Steve was there to hand hold me and answer all my questions patiently through texts or calls. What a year! When a non-Canadian resident sells a property, the Buyer of the property must withhold and remit a portion of the purchase price to the Canada Revenue Agency (CRA). Section 116 of the ITA requires notification of the sale to the Canada Revenue Agency (“CRA”) by the vendor, and potentially the remittance of withholding tax on the sale as well. I would highly recommend Scott for any mortgage needs. When a non-resident sells a piece of property, the Canada Revenue Agency (CRA) says that unless the seller provides the buyer with a Certificate of Compliance from the CRA stating that the seller has paid his tax, the buyer is responsible for what could be a giant tax bill! Steve has helped us buy both the homes we own and we would recommend him in a heartbeat! Scott not only demonstrated professionalism through the process, his care and concern for our well-being has resulted in us actually considering him a good friend. The more documents and proof you have prepared before you start looking, the better positioned you are to make a quick decision on a good property. We have bought several homes but this was, by far, our most stress-free experience of obtaining the right mortgage for us! Thank you Steve, would recommend to any one.read more, We are very happy with all the customer… service, hard work and dedication from James and Laurie. Thanks so much for helping us find our dream home Steve!read more, Having moved numerous times through our… life we admit that we have never had such a pleasant experience. Is it up-kept or falling apart? I will probably use James for my next mortgage if the rates are still competitive.read more, Toronto is among the top places for non-residents to purchase property in Canada. Contact us anytime and we can answer your questions or connect you with our mortgage broker. !read more, James and his team are the absolute… best. Their communication was perfect in instructing me to do have everything in place with closing! Steve played for us equal parts mortgage broker, financial advisor, consultant, cheerleader, therapist … you name it. I highly value James’s knowledge and financial advises that gave me a peace of mind and a sense of security in my financial goals. Their communication was perfect in instructing me to do have everything in place with closing! Steve played for us equal parts mortgage broker, financial advisor, consultant, cheerleader, therapist … you name it. Buying Property in Canada From a Non-resident? Five things: Comparing Ontario's and B.C. I was dealing with a big bank and things we’re moving so slowly, I was wasting time on hold, and it was taking weeks to hear back. Buying and selling property in Ontario while residing in another province is not complicated, but it does take additional coordination and time. L4Z 3G1 Compared to many other places in the world, Canada is a strong leader in supporting and promoting inclusiveness and diversity. Click here for a closer look at Ontario regions subject to the Non-Resident Speculation Tax. While we had difficulty with some of our other service providers during the recent refinance, I could consistently count on Steve’s advice and solid service throughout the process, and that was very reassuring.read more, Steve made our home buying experience a… walk in the park. Guidance throughout the process super easy!!!!!!!!!!!. All the content and clarity i needed in 2020 Stefania and team read! 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