FOREIGN BUYERS
Citizens of other countries can buy and own Real Estate in Canada. Mortgage financing can be arranged through Conventional Lenders and Mortgage Brokers. Traditionally, 35% down payment is required; however, a 10% down payment is sufficient in special circumstances. All Realtors can show any property listed for sale through the Toronto Real Estate Board's (TREB) Multiple Listing Service (MLS) at any time; cconsequently, it is not necessary to have more than one Realtor providing service. Typically, buyers will view several properties and then make an “offer” by way of Agreement of Purchase and Sale on the property that best suits their needs. The offer can be negotiated two or three times until agreement is reached. A deposit, which is held in trust until closing, of about 5% of the value of the property, is then required. The Agreement is then firm and binding. Closing averages about 45 days, at which time the balance of the Purchase Price is required. The Buyer and Seller each retain a Lawyer to “close” the transaction. Land transfer tax on every purchase in the Province of Ontario is about 1%-2% of the purchase price.
We are the only real estate company in Toronto purposely established
to accommodate this executive / transferee relocation market.
to accommodate this executive / transferee relocation market.
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