What you need to know if you want to invest in Real Estate in Canada as a foreigner.
Find a property
List your requirements and pick a neighborhood you are interested in.
Reach out to as many brokers as possible and visit as many places you can. It will give you a good idea of the market and will help you to find your house.
Write down your offer with your broker to indicate how much you will pay for the house and setting an expiration date.
This is an optional step, and a lot of people are going through this process. The idea is to hire a profesionnal that will help you identify the weaknesses of the house and the thing you need to be aware of.
Before going to the notary you will need to insure the house. Evaluate your options with a comparator such as clicassure.
The buyer choose the notary. Make sure to compare them and evaluate their work to get a reasonable price.
This is the day you will become the owner of your house.
You achieve a big milestone congrats! Take the time to celebrate!
Every new buyer is required to pay this taxe when acquiring a new house.
You would need to pay this taxe twice a year.
Taxe to pay once a year.
Say hi to your tenants and explain them the new process to collect rents. I recommend setting up a monthly interact transfer.
Don’t forget to call hydro quebec and insure the house at your name in case your tenants move, the contract will get reassigned to your name.
Run it as a company
Reinvest money in your asset to attract top tenants in your renting property. This will save you time and money in the future.
Keep track of all things you did overe time. This would be valuable when you decide to sell your property.
Take care of your tenants as your employees and help them whenever you can.
Use your network if you know qualified people in this industry. Otherwise you will need to use a platform such sa sousmissionrenovation.ca (in Québec) to find your entrepreneur.
Ask him questions about his previous work and make sure to do your homework before hiring him.