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Hello,
I and the other 2 partners want to buy a real estate property in Canada for investment purposes.
One of my partners has Canadian PR and the rest of the two are on a work permit. Is it possible to invest in real estate market currently? - I am sure there must be some way to do it now.
Please let me know the best approach to do it and pros and cons regarding the same.
Your advice is much appreciated.
Regards,
Ish
From a tax perspective, it is possible for work permit holders living in Canada and PR card-holders to invest in Canadian real estate. Before purchasing, make sure that all individuals qualify for a mortgage. It's best for the two investors to enter into a joint venture agreement. Note: In Ontario, the foreign buyer's tax (15% of purchase price) applies to non-residents of Canada (e.g. work permit holders).