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Discussion in 'Housing' started by Ajit1975, Jun 10, 2018.
Hi, I would like to know can I buy house just after 3 months on work permit down payment 50%,
Your WP has an end date, maybe in 2 or 3 or 4 years from the time of your arriving in the country. You will be requesting for a mortgage which will be payable in 10 or 15 or 15 or 25 yrs time.
I doubt if your mortgage will be approved on WP. You also would need time to build credit history in the country
I had an issue while i was trying to finance my car. I was asking for mortgage of 5 yrs, my WP was expiring in 3 yrs time, i was asked by creditors how will I pay in the 4th n 5th year when my WP expires in 3 yrs..
Most Indians on 3-6 years work permit in USA buy houses with 15-30 years mortgage. Rules should be similar in Canada. Ask around.
On top of these, you might have to pay foreign buyers tax.
Does that apply to people on WP living and working in Canada ? Is it a BC specific rule ?
It is a BC specific rule (although Ontario has similar rules).
Applies to all foreign nationals:
But on WP we are paying the taxes here... that will not make us a foreign national imho
See the link above if you are eligible for exemption. Besides you are foreign national because you neither Canadian citizen or Pr.
I am in Ontario here is what I read for Foreign national working in Ontario
Since the thread is about BC, then we should discuss about that province.
So sticking with the BC province... here is what I read... https://www.theglobeandmail.com/real-estate/vancouver/bc-relaxes-foreign-buyer-tax-offers-refunds-to-those-with-work-permits/article34337503/
I hope it settles the dust
Thanks 2 all ur advise.
Despite of this, you still have to pay it at closing.
haha.. i saw you added another post only to delete it yesterday you don't wanna give up
Haha... yesterday I saw you with just the green smiling face and then you deleted the smiley and replaced with the sentences containing the globe and mail link. You too don't wanna give up
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