Things you Should Know if You are Buying a House in Quebec as a Non-resident


If you are not a resident of Quebec but what to buy a house in one of its amazing cities, you must know the rules of the game before you make that purchase. Tax obligations and mortgage financing are just two of the considerations you must keep in mind.

Whether you want to diversify your investment, have a more intimate foothold than a hotel for family visits, or house your kids who will study in Quebec for a few years, you can choose to buy a house or a condo. Your choices also include Papachristou triplex a vendre. To get started with your search, you must choose a reputable real estate broker to tour the sectors and visit the properties you are interested in. Read on to learn more about the things you must consider before you buy a house or condo in Quebec:


If you are planning to take out a loan from a Canadian bank as a non-resident, you will be required to give at least a 30% down payment to buy the house you want. Then, lenders will request you to give a letter from a banking institution in your country of origin that attests to the good standing of your financial documents concerning mortgage and car or personal loans. Also, the letter should confirm that you have cash available for the down payment. Also, the lender will usually ask for an account statement history of the last thirty days. Expect that some lenders may increase the interest rate on mortgage loans granted to foreign investors. 

Tax Implications

Any rental income is taxable. For a non-resident, the Canada Revenue Agency requires that any collected rental income will be deducted. This decreases the amount of cash available for expenses associated with the property. This can be especially true to your situation because as a non-resident that owns a rental property in Quebec, you will usually offer lower rent to make sure you find a dependable and responsible tenant. Because you are not in Quebec, it is harder to deal with problematic situations. That is why most non-resident owners usually choose to forego rental profits instead of betting on the added value when the sell their house a few years later.

Moreover, when you resell your house, you will be taxed on the capital gains at the same rate as residents. However, you will be entitled to the basic personal exemption. 

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