If you’re interested in getting into the rental property game in Canada, but don’t live there, you’re probably wondering how to go about it.
Is it even possible to become a landlord in Canada if you don’t live there? The simple answer is, yes it’s possible.
There are some special rules and taxes that apply to non-residents that you should be aware of.
Never fear, we’re here to help! Will walk you through everything you need to know about getting a property managed if you aren’t a resident.
How does it work
Non-residents and non-citizens of Canada are allowed to purchase properties there with no restrictions on a number of properties they can incur.
However, if you are non-permanent resident or a citizen of Canada, you will have to pay a 15% tax on the property. You should be able to purchase a property every bit as easily as you would have in the United States, just with a few added taxes.
How can you prepare
You can fully prepare yourself for the steps involved in becoming a landlord in Canada by researching and reviewing the laws in the territory or province in which your rental property is located.
There are specific laws on what deposits you can take as well as what you can use them for and your role as a landlord that change from province to province. You should be fully versed in the local laws pertaining to landlords before officially listing your property.
How to market
Now that you’ve procured your property and you’re well-versed in the local laws, it’s time to market your unit. Marketing the unit in a different country than the one in which you live can be difficult, but not impossible.
- Create a great description of the property and place ads on renting websites, in local papers, and online to help you get tenants.
- Plan a time in which you can visit the property for a period of a few days to show the property.
Purchasing a property to rent in another country can seem impossibly confusing, but to do so in Canada is actually fairly easy. It does, however, require a fair bit of research into the local laws so you’re aware of the deposits you’re allowed to take, what you’re allowed to use them for, and what exactly your role of landlord entails in the area in which the property is located.
These laws change from province to province, so you’ll want to be sure you do local research so you don’t find yourself in any legal trouble.
Being a landlord in a foreign country doesn’t have to be hard. It is all about maximizing all the resources that you have available and making sure that you are getting the best out of your buck. A good and smart option for becoming a landlord in a foreign country like Canada, is maximizing property management companies like Bolld Real Estate Management.
Our company, Bold Real Estate Management, specializes in property management for several property types. We manage multiple apartment houses or units, building rentals, condo units, single detached houses and townhomes. You may book a free consultation with our managing broker, Leo Chrenko or request a free rental evaluation report and get a quote.