International student buying a condo

[marisha]

Hey,
I am 20 and i study in Toronto.My parents want to buy a condo here and they are wondering if i am eligible to buy a property and do the all paperwork by myself.Do i have to be 21 or it doesnt matter here?

[haver]

Tax issue.

I beleive you are allowed to buy but.
- 35% of property value will be necessary as downpayment.

When you decide to sell a real estate company should withhold 25% of property value (at the time of selling)
and keep it for one year to pay Capital Gain taxes (provided you are not Canadian permanent resident).
So be aware before such movement.

[rascojenkins]

Hey,
I am 20 and i study in Toronto.My parents want to buy a condo here and they are wondering if i am eligible to buy a property and do the all paperwork by myself.Do i have to be 21 or it doesnt matter here?

Your parents most have alot of money.

[Leon]

I can not tell you how real estate works in Ontario because I have only bought in AB but in AB, you would normally get a real estate agent who will look for places for you and go with you to look at them.  If you want to make an offer, your agent will talk to the agent of the seller and they will figure out the offers and counter offers.  I have heard 25% as a down payment for a non-resident but you would have to talk to your bank or a mortgage broker to figure that out.  For some of the paperwork I needed a lawyer as well.  If you want to save yourself the fees, you can skip the agent and lawyer and buy yourself through comfree or something but then you need to investigate what you have to do exactly to fill everything out correctly.

[sup2009]

I am a realtor in the Greator Toronto Area and i would like the opportunity to try to help you. 

In ontario you need to be the age of majority in order to sign a contract.  In Ontario you need to be 19 years old for this. 

For more information on the home buying system in Toronto, Ontario please go to my website www.supegui.com. 

Best of luck and welcome to Canada

Steve