Can you buy house based on COPR (awaiting PR card)?

[shayusuf247]

Can you buy house based on COPR (awaiting PR card)?

 

[primaprime]

Legally, you can buy a house anytime you want. Be mindful of foreign buyers' taxes in some areas. If you need a mortgage, a bank will probably want to wait until you have your card.

 

[shayusuf247]

thanks

 

[steaky]

thanks

Note foreign buyers tax might not be applicable to you. Permanent residents are not foreign nationals in Canada.

 

[Lazymon82]

Move to quebec no foreign national tax here. May be there is 0.25% - 0.5% interest difference between a citizen/PR holder and new comer because of their credit history. If you can pay up 20% down you might even get the same interest percentage as the citizen/PR holder. These days interest percentages favours buyers who are insured under the CHMC mortgage insurance which is for applicants with less than 20% down payment. So this is the best time to invest in housing in quebec (montreal / south shore)

 

[canuck78]

Move to quebec no foreign national tax here. May be there is 0.25% - 0.5% interest difference between a citizen/PR holder and new comer because of their credit history. If you can pay up 20% down you might even get the same interest percentage as the citizen/PR holder. These days interest percentages favours buyers who are insured under the CHMC mortgage insurance which is for applicants with less than 20% down payment. So this is the best time to invest in housing in quebec (montreal / south shore)

The best time to invest was around 10 yeara ago before there staeted being very large increases in real eatate rpices after a fee decades of pretty flat growth. Montreal is just catching up when it comes to real estate costs. There are still quite a lot of issues. Quebec isn't for everyone. Many new immugrants don't wan to settle in Quebec or can't qualify to immigrate and many are leaving because of bil 21. You also can end up with some awful commutes depending on if you need to use a bridge. This looks like a first house purchase to love in. Would make sure you have researched the neighbourhood and even perhaps lived there before buying there. Neighbourhooda all have good and bad qualities. Given the global economic uncertaintly make sure you have savings in case of longer period of unemployment, etc. Wouls suggest securing a job before buying so you know what kind of commute you are looking at. Perhaps you will be working from home so a good home office is more of a priority. Would be prepared to remain in the home for 5-10 years at the minimum. Due to covid there isn't as much inventory in some market which is oushing some prices +100k over asking in a bidding war.

 

[steaky]

The best time to invest was around 10 yeara ago before there staeted being very large increases in real eatate rpices after a fee decades of pretty flat growth. Montreal is just catching up when it comes to real estate costs. There are still quite a lot of issues. Quebec isn't for everyone. Many new immugrants don't wan to settle in Quebec or can't qualify to immigrate and many are leaving because of bil 21. You also can end up with some awful commutes depending on if you need to use a bridge. This looks like a first house purchase to love in. Would make sure you have researched the neighbourhood and even perhaps lived there before buying there. Neighbourhooda all have good and bad qualities. Given the global economic uncertaintly make sure you have savings in case of longer period of unemployment, etc. Wouls suggest securing a job before buying so you know what kind of commute you are looking at. Perhaps you will be working from home so a good home office is more of a priority. Would be prepared to remain in the home for 5-10 years at the minimum. Due to covid there isn't as much inventory in some market which is oushing some prices +100k over asking in a bidding war.

To invest in real estate does not always mean the investor must live or move to the neighborhood. They can hire a property manager to look after the property, while they live(work) overseas or another province.

 

[canuck78]

To invest in real estate does not always mean the investor must live or move to the neighborhood. They can hire a property manager to look after the property, while they live(work) overseas or another province.

Move to Quebec implies a person living in the home.

 

[Ramneek03]

Hi, Just have question that I applied for the Permanent residency on 15 th September 2020 under CEC for express entry . I live in ottawa right now, i am planning to buy a house in Gatineau, Quebec in may be a month. So what you guys suggest, should i buy the house now, if yes, will it effect my Applied permanent residency as my residence will change from Ontario to quebec or should i wait for my result to come, that might come in next 5 to 6 months. What you guys suggest. Thanks in Advance

Ramneek

 

[primaprime]

Hi, Just have question that I applied for the Permanent residency on 15 th September 2020 under CEC for express entry . I live in ottawa right now, i am planning to buy a house in Gatineau, Quebec in may be a month. So what you guys suggest, should i buy the house now, if yes, will it effect my Applied permanent residency as my residence will change from Ontario to quebec or should i wait for my result to come, that might come in next 5 to 6 months. What you guys suggest. Thanks in Advance

Ramneek

Wait. You don't want to be developing any ties to Quebec.

 

[Checkout]

Can you buy house based on COPR (awaiting PR card)?

 

[Checkout]

Yes you can provided you have down payment from your own resources.

 

[Github]

Can you buy house based on COPR (awaiting PR card)?

Hi, were you able to buy property without pr card? I also got copr and wants to buy property. Please let me know how your experience was.

 

[ZZDown]

Hi, were you able to buy property without pr card? I also got copr and wants to buy property. Please let me know how your experience was.

What do you mean by "buy"? As mentioned, if you want to buy a property, you don't even need to show any affiliation with Canada, just cash out your money and pay. You can even get a mortgage afaik being a foreign investor.

 

[chiujiewei95]

Can you buy house based on COPR (awaiting PR card)?

Hi
shayusuf247
I'm in the same boat as your, got my COPR but still waiting for my PR card and I'm looking to get a condo property, will we be subjected to the NRST 15%? Did you find out if we can buy with COPR?
Thanks!