How to buy a residential house in Brampton, Canada

I live in India. I plan to buy a residential house in Brampton, Canada. Please advise the following:

1.How to get into Canada as an investor in a residential house?
2.What is the cost of the house say 1800 sq. ft consisting of basement and ground floors.
3.Once the property is defined, how to make the payment out of India in the account of seller, who is placed in Canada.

Would appreciate any other relevant information, which can help me to invest in Canada in a residential house.

Thanks,

Sushil Ashta
New Delhi
India

Comments for How to buy a residential house in Brampton, Canada

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Mar 25, 2013
re: How to buy a residential house in Brampton, Canada
by: Tom Karadza

Thanks for the question Sushil...

In Canada if you're not a "permanent resident" or "landed immigrant" the banks here will likely not give you a mortgage. Perhaps some Credit Unions in Brampton have special mortgages for you but in general it will be difficult to get lending if don't have official status in Canada. So as an investor you may be pay all cash.

A nice 1,800 square foot home in Brampton can range from $300K to $400K depending on your preferences and location.

Paying the Seller is rather easy. You would engage a local Canadian Lawyer who would walk you through the process. Their fees will be approximately $1,500 and they will take care of getting the money to the Seller. You will likely have to wire the money to the Lawyer's trust account.

We haven't done this ourselves with someone out of the country so obtain good advice from a local Lawyer before you proceed, please!!

Hope that helps a bit!

Tom.

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