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Buy and sell a house while on a Tourism Visa

Karim Saleh

Full Member
Jul 12, 2016
40
0
Hi All,

If someone comes to Canada on a Tourism Visa, can he buy/sell a house or flat? He wants to buy a flat/house at the start of his stay and at the end he wants to sell it. Is this legally applicable or there is any restrictions?
 

steaky

VIP Member
Nov 11, 2008
14,298
1,628
Job Offer........
Pre-Assessed..
Yes, this can done. Note that if he buy and sell a residence in Metro Vancouver, he would have to pay an additional 15% tax.
 

foodie69

Champion Member
Dec 18, 2015
2,808
830
Karim Saleh said:
Hi All,

If someone comes to Canada on a Tourism Visa, can he buy/sell a house or flat? He wants to buy a flat/house at the start of his stay and at the end he wants to sell it. Is this legally applicable or there is any restrictions?
How long do you want to stay?
 

Karim Saleh

Full Member
Jul 12, 2016
40
0
foodie69 said:
If you have money to burn, then go for it. Most people I know would rent.
If someone bought a house say just for example buy $10 and after 3 months of stay sold it by $11, he would benefit from the stay and make a revenue! what do you think about the idea?
 

foodie69

Champion Member
Dec 18, 2015
2,808
830
It is not just the price of a house..you have cost and fees associated to buying and selling. Plus the risk of the market..there is no guarantee you making a profit when selling..and there us the tax issue, too.
 

scylla

VIP Member
Jun 8, 2010
92,538
20,358
Toronto
Category........
Visa Office......
Buffalo
Job Offer........
Pre-Assessed..
App. Filed.......
28-05-2010
AOR Received.
19-08-2010
File Transfer...
28-06-2010
Passport Req..
01-10-2010
VISA ISSUED...
05-10-2010
LANDED..........
05-10-2010
Karim Saleh said:
If someone bought a house say just for example buy $10 and after 3 months of stay sold it by $11, he would benefit from the stay and make a revenue! what do you think about the idea?
You haven't looked into the full costs of buying and selling a property in Canada, have you? Might want to research realtor fees, closing fees, legal fees and other fees associated with buying property so that you understand the full costs of ownership.

You also haven't considered closing dates, length the property may or may not sit on the market, etc.

Your plans aren't in any way realistic.
 

Karim Saleh

Full Member
Jul 12, 2016
40
0
scylla said:
You haven't looked into the full costs of buying and selling a property in Canada, have you? Might want to research realtor fees, closing fees, legal fees and other fees associated with buying property so that you understand the full costs of ownership.

You also haven't considered closing dates, length the property may or may not sit on the market, etc.

Your plans aren't in any way realistic.
Yes, i need to read more about this.
 

ALRIVAS

Star Member
May 8, 2013
136
8
Toronto
Job Offer........
Pre-Assessed..
LANDED..........
10-12-1994
Hi Karim I'm realtor in the gta.
Here are the historic and monthly records kept by the Toronto real estate board.
http://www.trebhome.com/market_news/market_watch/historic_stats/pdf/Historic_1610.pdf
http://www.trebhome.com/market_news/market_watch/2016/mw1610.pdf
1) If you buy a property at the average price for the month of October of $762,975 you need as an investor 40% as downpayment of the value in order to qualify for a mortgage the 60% left will be your mortgage.
2) You need closing costs lawyer,tax,home inspection if any etc. 3.5% of the value if buying in toronto if you buy outside of toronto is 2.5%.
3) After a year you can sell it and make some money you will pay capital gain which is the softest way of taxation in canada it will be around 22% of your profit so if you make 100 pay 22 and keep 78 I think is very good.
For more info go to alrivas .com I know a lot of haters will criticize this post but unfortunately for them they just don't own real estate.
 

COPRQuestion

Hero Member
Aug 30, 2016
318
31
Category........
Visa Office......
Ottawa/Hong Kong
Job Offer........
Pre-Assessed..
App. Filed.......
25-04-16
Doc's Request.
10-06-16
Med's Done....
Upfront
Passport Req..
12-08-16
VISA ISSUED...
29-08-16
LANDED..........
12-09-16
ALRIVAS said:
Hi Karim I'm realtor in the gta.
Here are the historic and monthly records kept by the Toronto real estate board.
http://www.trebhome.com/market_news/market_watch/historic_stats/pdf/Historic_1610.pdf
http://www.trebhome.com/market_news/market_watch/2016/mw1610.pdf
1) If you buy a property at the average price for the month of October of $762,975 you need as an investor 40% as downpayment of the value in order to qualify for a mortgage the 60% left will be your mortgage.
2) You need closing costs lawyer,tax,home inspection if any etc. 3.5% of the value if buying in toronto if you buy outside of toronto is 2.5%.
3) After a year you can sell it and make some money you will pay capital gain which is the softest way of taxation in canada it will be around 22% of your profit so if you make 100 pay 22 and keep 78 I think is very good.
For more info go to alrivas .com I know a lot of haters will criticize this post but unfortunately for them they just don't own real estate.
I don't think this has anything to do with haters. The guy is suggesting buying a property for 3 months in one place and then another one in another place for 2 months and then leaving.

Do you think that's remotely possible?