What are the details to pay attention to when buying a house in Canada?

Before buying a house in Canada, buyers must first understand the ownership of the house, and usually ask the Land Bureau whether there is any problem with the property right through real estate agents or lawyers. This is what we call "property right inquiry".

Non-Canadian residents can also borrow money to buy a house in Canada (the current mortgage interest rate is between 2.5 and 4%), but banks generally require non-Canadian residents to pay more than 35% down payment. Canadian residents do not have to pay value-added tax on the profits of selling their own houses, but they also have to pay value-added tax on non-self-occupied houses. Non-Canadian residents need to pay value-added tax when selling real estate in Canada.

The delivery time of real estate transaction is the core issue in the financial arrangement of house exchange transaction. In the house exchange transaction, the ideal state is that the delivery date of buying a new house and selling an old house is the same day. If the borrower can complete the transaction of buying and selling two houses on the same day, the mortgage loans of most commercial banks in Canada are "portable", that is, "portable", and the borrower can bring the balance of the mortgage loan of the original property into the new mortgage loan, thus avoiding the fine caused by the unexpired original mortgage loan. If the buyer of the old house wants the seller's original mortgage loan, so be it. If the sale transaction is completed first, the owner needs to move to the temporary residence temporarily. Although it is more troublesome, the financial arrangement is the simplest-after the house payment is entered into the account, it will be used as the down payment for the house purchase transaction. More secure consumers usually choose this way, which will trouble themselves, not banks. In real life, few people sell their houses before they start looking for them. They are usually found when selling, but when signing the sales contract, the delivery date of the real estate transaction is arranged before the delivery date of the house purchase transaction.