The majestic Canadian landscape, the multicultural tapestry of its cities, and the promise of a secure future – it’s no wonder many Indians aspire to own a home in Canada. However, navigating the Canadian housing market can often seem complex. But fear not!

 

According to new Canadian law, temporary residents with valid study or work permits are eligible to purchase a home in Canada. NRIs can buy a house in Canada by following steps designed to facilitate international real estate transactions. Unimoni, the finest global financial services provider, will help with international money transfers, foreign exchange, forex cards and other financial solutions for purchasing property abroad. 

 

Here’s a detailed guide on how you can go about it:

 

Canada, a Perfect Place for Indians to Settle

 

Canada is an attractive option for Indians looking to buy a house due to several compelling factors, including its stable economy, quality of life, educational opportunities, diverse communities, and favorable immigration policies. Here’s a look at why Canada stands out as a good option for Indians:

 

1. Stable Economy and Real Estate Market

 

Canada’s robust and stable economy makes real estate investments secure. The country’s strong banking system and regulatory environment further enhance investment security. 

 

2. High Quality of Life

 

Canada is renowned for its high living standards, exceptional healthcare, pristine environment, and well-maintained public infrastructure. It is among the safest countries globally, with low crime rates and a strong focus on community well-being.

 

3. Educational Opportunities

 

Canada boasts some of the world’s top educational institutions, making it an attractive destination for families prioritizing quality education for their children. Graduates from Canadian universities have access to various career opportunities, often supported by favorable post-study work visas and immigration pathways. 

 

4. Diverse and Inclusive Society

 

Canada is known for its multicultural society, where people from diverse backgrounds, including a significant Indian community, coexist harmoniously. This diversity makes it easier for Indians to integrate and feel at home. Cities like Toronto, Vancouver, and Calgary have vibrant Indian communities, complete with cultural centres, temples, and Indian cuisine, providing a sense of familiarity and support.

 

5. Favorable Immigration Policies

 

Canada offers various immigration programs, such as Express Entry and Provincial Nominee Programs (PNPs), that facilitate obtaining permanent residency, making it easier for Indians to live and invest in the country. Canada’s clear path to citizenship for permanent residents is an added advantage for those looking to settle permanently.

 

Steps to Buy Property under the New Canadian Regulation

 

1. Determine Eligibility

 

• Check Exemptions: Verify if you fall under any exemption categories, such as being an international student, temporary resident, or having a Canadian spouse.
• Understand Requirements: Ensure you meet all the necessary conditions, such as duration of stay, work history, or enrollment status.

 

2. Legal and Financial Preparation

 

• Engage Legal Counsel: Hire a Canadian real estate lawyer to navigate the legal complexities and ensure compliance with the new regulations.

 

• Secure Financing: You can arrange financing through safe and efficient financial institutions like Unimoni, which caters to all your needs.

 

• Safe Money Transaction: To send money to Canada from your native nation, look into available money transfer services. Unimoni is a perfect option because of its reasonable exchange rates and transparent fees. Consider Repatriation through Unimoni. Move your money from Indian bank account to the overseas account without much hassle. Get tax benefits, too.

 

3. Property Search and Purchase

 

• Identify Suitable Properties: Focus on properties eligible for purchase under the new law.

 

• Complete Due Diligence: Conduct thorough inspections and appraisals to ensure the property meets your needs and is a sound investment.

 

• Execute the Purchase: Follow all legal protocols for property transfer, including registration and payment of applicable taxes and fees.

 

Key Documents and Requirements for NRIs Buying a Home in Canada

 

1. Proof of Status and Eligibility

 

• Citizenship or Residency Status:

• Passport or travel document
• Visa or work permit (if applicable)

 

• Eligibility Documents:

• International students must provide proof of enrollment in a Canadian educational institution for at least 244 days in the five years preceding the purchase.
• Temporary residents need to show proof of full-time work in Canada for at least three of the four years preceding the purchase.

 

2. Financial Documents

 

• Proof of Funds:

• Bank statements showing sufficient funds for the down payment and closing costs.
• Proof of financial stability or income sources, such as employment letters or pay stubs.

 

• Mortgage Pre-Approval:

• A pre-approval letter from a Canadian financial institution indicating the amount of mortgage approved.

 

3. Property-Related Documents

 

• Purchase Agreement:

A signed agreement of purchase and sale outlining the terms and conditions of the property purchase.

 

• Property Disclosure Statement:

• A document provided by the seller disclosing any known issues or defects with the property.

 

• Inspection and Appraisal Reports:

• Professional reports confirming the property’s condition and market value.

 

4. Legal Documents

 

• Identification Verification:

• Valid government-issued ID (Passport, Driver’s licence).

 

• Legal Representation:

• Contact information and retainer agreement with a Canadian real estate lawyer to assist with the transaction and ensure compliance with regulations.

 

Steps to Ensure Compliance

 

Consult with Professionals: Work with a real estate agent experienced in dealing with non-resident buyers to find suitable properties and navigate the buying process.

 

Legal Advisor: Hire a Canadian real estate lawyer to handle legal documentation, ensure compliance with the new regulations, and protect your interests.

 

Gather All Documents: Collect and organise all necessary documents, ensuring they are up to date and accurately reflect your eligibility and financial status.

 

Submit for Review: Provide the required documents to your legal advisor and financial institution for review and approval.

 

Ensure Financial Readiness: Use a reliable currency exchange service, such as Unimoni, to transfer funds to Canada, ensuring competitive exchange rates.

 

Benefits of Using Unimoni 

 

Efficient International Money Transfers: Unimoni’s services ensure funds are transferred quickly and securely across borders.

 

Competitive Exchange Rates: We offer competitive rates to save money on currency conversions.

 

Regulatory Compliance: Unimoni ensures all transactions comply with relevant regulations, reducing the risk of legal complications. With 25+years of service, 300+ branches, 15,000+ agent locations, we are a trusted name in the financial industry. 

 

Support Services: Access our 24/7 efficient and friendly customer support for any queries during the transaction process.

 

Unimoni offers a range of financial services designed to assist in effectively managing the complex process of purchasing property in Canada. By leveraging Unimoni‘s expertise, NRIs can benefit from tailored financial solutions, expert guidance, and seamless transaction support, ensuring a secure and streamlined property purchase experience.