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US nationals and other foreigners face no
restrictions when buying property in Canada.
The process for purchasing
property in Ontario is a bit different from buying property in
the US and other Provinces of Canada. Ontario has one of the
toughest real estate laws in Canada. The law includes strict
licensing requirements for real estate agents and the
salespersons they may employ. It
is important that you get a realtor that will act as your
representative (Buyer's Agent). To purchase
property ask your Ontario realtor to write an offer to purchase.
This will have all the terms and conditions that you would like
to have regarding the purchase i.e. closing, offer, deposit,
inspection, insurance, what none real estate items do you want
included in the deal etc.
Your realtor will prepare the
Agreement of Purchase and Sale as well as Confirmation of
Co operation and any other documents. You give the seller a
set time to respond to your offer. Should the seller accept your offer he/she signs the acceptance. This
makes it a binding contract for both parties. If the seller is
not in agreement with your terms, they may come back with a
counter offer or just reject your offer and not respond.
When a offer is accepted by both
parties the deal is turned over to a lawyer which will handle
all the paper work and closing arrangements. The buy and seller
will arrange to have a lawyer represent them.
When you purchase a property in
Ontario the government charges a land transfer tax which is a
one time property transfer tax of
-
.5% on amounts up to and including $55,000;
-
+1.0% on the amount exceeding $55,000 up to and
including $250,000;
-
+1.5% on amounts above $250,000 up to and including
$400,000 for (residential)
+1.5% on
the amount in excess of $250,000 for (business
properties);
-
+2.0% of the amount in excess of $400,000.
[residential only]
|
All properties are assessed by
the government for property tax purposes. Location, size,
quality of property and buildings and other factors are
considered for assessment. Who owns the property is not
considered. The property tax is based on assessment and the
different regions in the Province have different tax rates that
may also change from year to year. Residents and non-residents
pay the same rate. |
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