Buying in British Columbia


Buying Real Estate in British Columbia is VERY easy!!

From a residency point of view, if you plan to stay in Canada for 6 months or fewer each year, the Canadian government considers you a non-resident, which means that you can still open a bank account and buy property, and so on. If you plan to live in Canada for more than 6 months per year, you must apply for Immigrant Status.
http://www.cic.gc.ca/english/immigrate/index.asp

British Columbia is one of the Canadian provinces that have no restrictions on foreign ownership of real estate in Canada, which provides non-residents the ability to own land in this beautiful province with ease. 

MORE INFORMATION:

Non-Residents, Canada Customs and Revenue Agency
http://www.cra-arc.gc.ca/tx/nnrsdnts/ndvdls/nnrs-eng.html

 

Tax Treaties, Canada Customs and Revenue Agency
http://www.cra-arc.gc.ca/tx/nnrsdnts/trty-eng.html

************************************************************************************************************************

Effective January 16, 2017, the province of British Columbia will provide a "B.C. Home Owner Mortgage and Equity Partnership program" to support first time homebuyers with the purchase of their first home. As part of the program the B.C. government will match the down payment being conributed by the new homebuyers (up to 5% of the purchase price to a maximum of $37,500). This will be in the form of a 25 year B.C. Government administered loan with no interest of payments required for the first five years.

  • Applications for the program will be accepted starting January 16, 2017.
  • The closing date on the purchase of the home must be on or after February 15, 2017.
  • The program wil end on March 31, 2020.

 

The following criteria must be met in order to proceed with this program:

  • These mortgages are not STEP eligible
  • The mortgage must be high ratio default insured
  • Where the borrower utilizes the B.C. Home Owner Mortgage and Equity Partnership loan to satisfy minimum equity requirements, the loaned portion of the down payment is considered borrowed equity
  • Customer must meet eligibility requirements to purchase a home
  • Home and customer must be approved by CMHC

 

Real Estate Websites for Agents
Point2Homes British Columbia
©2006-2017 McBride Realty Center Ltd.