So you’ve made the decision to purchase a house or a condo in Toronto and you are not new to our city but you are new to Canada. Despite what people think, there are many differences in purchasing property in the Canadian market. So here is my step-by-step look at some of the differences for a foreign buyer.

1. Make sure you meet with a mortgage broker.

They know the ins and outs of financing a home and can get creative if they need to with finding you alternative lenders if the banks don’t want to give you a mortgage. Canadian banks can be strict at times, so it’s best to work with a mortgage broker who can look at more than just one lender for your situation.

2. Determine how much cash you have on hand in a Canadian bank account.

Most banks want the cash to be in your account for at least 30 days or more in order for you to use it as down payment on a property.

3. You can include conditions on your offer.

It depends on how much competition you face while buying a place. Currently in the Toronto market, buyers face so much competition that all offers must be firm. However, for the rare occasion where a buyer is not in competition, it is possible to include conditions in the offer. This will make sure the bank will give you financing. Your lawyer can review the financials of the building or a home inspector can give you their recommendations. Once all of these conditions have been satisfied, you can then firm up your purchase.

4. When you make an offer to purchase a place, it is a binding contract.

When you sign the Agreement of Purchase & Sale for a property and deliver your bank draft as a deposit, your sale, once all conditions are removed is considered to be firm and binding until it closes. You can’t have buyer’s remorse and not close on the transaction as you could be sued by the sellers.

5. 95% of the properties can be found on Realtor.ca.

This will help you start becoming familiar with the market and the kinds of properties that are available.

6. Buyers are not permitted to see properties by themselves.

Once you have selected a real estate agent, we will take you through the property personally or via FaceTime on your phone.

In addition, I have real estate lawyers, insurance brokers & home inspectors that you can work with for a seamless transaction.