Dianne Moscrip. Realtor with Remax Advantage, specializing in the Greater Vancouver, New Westminster, and Burnaby areas of British Columbia.

Dianne Moscrip, Associate Broker (Agent 9.15) RE/Max Advantage Realty

Thinking of purchasing real estate here in Vancouver, BC and you're not from here? What are the ramifications?

Down payment and mortgage info | Wiring funds and foreign exchange info | Immigration info Talk to a lawyer specializing in this area | Learn about your tax implications |

How much do you need as a down payment?

What's recommended? Your mortgage calculation are determined by your preferences and also by your current credit situation. For U.S. residents, CIBC (that's Canadian Imperial Bank of Commerce) will arrange a mortgage with 25% of the purchase price as a downpayment to a maximum Canadian home price of $500,000 U.S. dollars. If you are from an area other than U.S., a 35% downpayment is required. Also, CIBC is offering broker rates which are extremely competitive. Call for details.

Wiring funds and foreign exchange info:

Talk to Michael Barker-Fyfe at Custom House. He can offer you information on what the current foreign exchange rate is for your currency, and set you up for transferring the necessary deposit and closing funds. You can reach him at the Custom House Vancouver, BC office at 604-482-6002 (direct), or toll-free at 1-800-350-6001. Website: www.customhouse.com, and email: mbarker-fyfe@customhouse.com.

Thinking of immigrating to Canada (especially beautiful BC)?

Talk to Joshua B. Sohn at the Embarkation Law Group. He's an Immigration and Citizenship Lawyer. You can reach Joshua at his Vancouver, BC office by phone at 604-662-7404, by email at joshua@elgcanada.com, or visit his website at www.elgcanada.com.

Talk to a lawyer specializing in out of town buyers?

Bell Spagnuolo specialize in working with real estate purchases and sales. Ask for Tony Spagnuolo at 604-461-2024, or visit their website at www.bellspag.com/new/.

Any tax ramifications for purchasing and/or selling property in Canada?

What are the tax ramifications for purchasing? Selling at a later date? For answers to these questions, it's best to speak with a qualified acountant.