We have all heard stories of neighbours fighting over a property line that is not clearly defined. A land survey takes the guesswork out of property boundaries by mapping all boundary lines and structures on your property. While we only think about land surveys in relation to conflict, they are also useful when purchasing a new home. A land survey provides an accurate picture of your property so that you know exactly what you are getting into in buying it. Let’s take a closer look at what a land survey entails, how it works, and why it is useful.What is a Land Survey?A land survey is a map showing your property’s area and the legal boundaries. It also indicates any buildings and other structures on the property and any roads that touch the property line. It shows GPS coordinates for all corners and measurements for the lengths in between.An important thing to note is that a land survey only represents the property at a specific point in time. If new buildings or structures are added, an older land survey could be inaccurate and must be used with caution.A land survey is important to understand the geographic boundaries of your property and provides you with a legal document showing who owns what portion of land. This can prevent conflicts between neighbours since you can prove the ownership of the land.When to Get a Land SurveyThere are several times when getting a land survey can be beneficial. If it has been several years since your land was last surveyed, it may reference structures that are no longer on the property, or lack structures that have been recently added. In general, you should think about getting a land survey if you find yourself in one of three scenarios:You are buying a home. If you are purchasing a property, getting a land survey of your new property will help you understand the property you are buying and prevent any mistakes in the buying process. You should also get a land survey done if there has been any subdivision of property since the last time a survey was done.You are financing a property. Your mortgage lender may require a land survey as part of the mortgage application process. This ensures that the property with its structures is accurately represented in the paperwork and that there will be no issues with reselling the property if the mortgage goes into default.You are doing construction on your property. If you own your property and want to do a major construction project, such as building a fence, then a land survey will help you avoid any problem with the construction, such as accidentally building onto your neighbour’s property.How a Land Surveyor Evaluates Your PropertyA land survey will cost between $1,000 and $1,500, depending on the size of your property and the type of survey being done. For a property dispute, it could cost double if you need a certified copy of your land survey. When the land surveyor comes to your property, they will follow a few steps:Review ownership history. The land surveyor will examine your property’s legal descriptions and history and review local databases to analyze the history of the deed and title to your property. This ensures there are no discrepancies about who owns the land.Measure all boundary lines and structures on the property. All measurements are taken using equipment like GPS units, digital angular measuring instruments (DAMI), and laser levels and tapes that will give exact measurements.Create an ownership map. After taking measurements, a map showing the property’s legal boundaries will be created. All measurements will be displayed on the map, and the finished product will include a description of the land, all property structures, and the locations of neighbouring properties.In Canada, each province has an association for land surveyors, all overseen by the Canadian Board of Examiners for Professional Surveyors (CBEPS). If you need to hire a land surveyor near you, you can find certified land surveyors by going through the website of the land surveyors association in your province. This ensures that the land surveyor you hire is certified and licensed to work in your province, and you will receive a high-quality map of your property..fusion-body .fusion-builder-column-0{width:100% !important;margin-top : 0px;margin-bottom : 20px;}.fusion-builder-column-0 > .fusion-column-wrapper {padding-top : 0px !important;padding-right : 0px !important;margin-right : 1.92%;padding-bottom : 0px !important;padding-left : 0px !important;margin-left : 1.92%;}@media only screen and (max-width:1024px) {.fusion-body .fusion-builder-column-0{width:100% !important;order : 0;}.fusion-builder-column-0 > .fusion-column-wrapper {margin-right : 1.92%;margin-left : 1.92%;}}@media only screen and (max-width:640px) {.fusion-body .fusion-builder-column-0{width:100% !important;order : 0;}.fusion-builder-column-0 > .fusion-column-wrapper {margin-right : 1.92%;margin-left : 1.92%;}}.fusion-body .fusion-flex-container.fusion-builder-row-1{ padding-top : 0px;margin-top : 0px;padding-right : 0px;padding-bottom : 0px;margin-bottom : 0px;padding-left : 0px;}The post Pinpointing Your Property Boundaries with a Land Survey appeared first on RE/MAX Canada.

Can non-Canadian residents participate in the Canadian real estate market? Sure, they can, but how does this work? We have put together a brief guide on selling a property in Canada as a non-Canadian resident.Selling a Property in Canada as a Non-Canadian Resident OwnerA non-resident is allowed to buy and sell residential property in Canada.Indeed, non-residents can enjoy many of the same facets of the Canadian real estate market as residents. They can obtain a mortgage loan from financial institutions as long as they fulfill the bank’s requirements and are approved for equity loans. Plus, for extra earned income on a property in Canada, non-resident property owners can also earn income on a property in Canada by renting it or using it as a rental property on Airbnb (or other similar short-term rental platforms).At the same time, however, non-resident property owners should know beforehand that they must file taxes on any income they earn through their property. They are also required to pay annual property taxes like regular Canadian residents.Suffice it to say while a non-Canadian resident owner can sell a property in Canada, certain measures must be taken before doing so. Let’s get acquainted with a few of these items.First, when a non-resident owner sells a Canadian property, they must apply for a clearance certificate. This certificate can take approximately two to three weeks to clear after the date of closing. The property owner must submit the request for a clearance certificate within ten days of closing.A non-resident owner is subject to a non-resident withholding tax of 25 per cent of the property’s gross sales price. For example, if a non-resident sells a property for $100,000 and the original cost of the property was $60,000, the withholding tax would be $25,000. This amount must be remitted to the Canada Revenue Agency (CRA). Of course, there is one exception to this rule: The withholding tax can be 50 per cent of the gross sales price if the property is depreciable.A non-Canadian resident owner can request to have the non-resident tax withheld, but this will require filing the required forms with the Canada Revenue Agency (CRA). The property owner will also need a Certificate of Compliance.If the non-resident owners are selling a property they have been renting out, they must file Section 216 returns to ensure they have reported their rental income and expenses and have paid their taxes. A clearance certificate by the CRA is only issued if all taxes have been paid.If the non-Canadian resident chooses not to obtain a clearance certificate, they are still required to notify the CRA within ten days of the disposition of the property. If this is not done, the CRA can penalize the non-resident owner a penalty of $25 per day for each day the notification is delayed. This can lead to a minimum penalty of $100 and a maximum penalty of $2,500.The owner must also file a Canadian tax return for the year of disposition. They can deduct the adjusted cost basis of the property as well as receive credit for any expenses incurred during the sale of the property.The regulations by CRA are in place to ensure non-residents don’t simply take the money and run. They are required to pay their taxes on the sale of a property just like Canadian residents.The process of selling a property for a non-resident owner can be complex. Several forms and documents must be submitted before a transaction can go through. Hence, seeking professional advice before selling is always a good idea. The CRA is very vigilant regarding property sales by non-residents because they want to ensure the deal is secure and the non-resident owner has fulfilled all their monetary and tax obligations. If the seller fails to meet the CRA’s requirements or if they have not paid their taxes or notified the CRA of the sale, they can be heavily penalized.It is a misconception that the selling process differs for residents and non-residents. The process is the same – the only difference is that the non-Canadian resident may not be physically present in Canada. Even then, all financial and legal requirements must be fulfilled by the non-resident owner. Non-Canadian resident owners need to pay attention to filing deadlines. Missing these deadlines can result in unnecessary penalties and missed opportunities to minimize taxes for non-resident owners.Is this a complicated process? Most definitely.However, with the right tax advice, ample time for preparation, and timely submission of all documents and taxes, non-resident homeowners can successfully and efficiently sell property in Canada..fusion-body .fusion-builder-column-0{width:100% !important;margin-top : 0px;margin-bottom : 20px;}.fusion-builder-column-0 > .fusion-column-wrapper {padding-top : 0px !important;padding-right : 0px !important;margin-right : 1.92%;padding-bottom : 0px !important;padding-left : 0px !important;margin-left : 1.92%;}@media only screen and (max-width:1024px) {.fusion-body .fusion-builder-column-0{width:100% !important;order : 0;}.fusion-builder-column-0 > .fusion-column-wrapper {margin-right : 1.92%;margin-left : 1.92%;}}@media only screen and (max-width:640px) {.fusion-body .fusion-builder-column-0{width:100% !important;order : 0;}.fusion-builder-column-0 > .fusion-column-wrapper {margin-right : 1.92%;margin-left : 1.92%;}}.fusion-body .fusion-flex-container.fusion-builder-row-1{ padding-top : 0px;margin-top : 0px;padding-right : 0px;padding-bottom : 0px;margin-bottom : 0px;padding-left : 0px;}The post Selling a Property in Canada as a Non-Canadian Resident appeared first on RE/MAX Canada.

It used to be that the sign of a growing family was a detached house in the suburbs, where children can run in the backyard and go on adventures with neighbourhood kids. However, family-focused condos are giving many parents another option for a home that meets their needs.Large cities around the world have been building residences that are suitable for families, and Canada is beginning to follow. Modern condo buildings are larger and packed with amenities, perfect for the families that are now calling them “home.” As the children grow, urban centres offer endless opportunities for work and school, convenience and entertainment right outside your door. And once the kits move out, there’s no need to downsize because the condo is already a good size.Gone are the days of condos only being for single professionals or empty nesters. The right condo building can be the perfect family-friendly home.Larger Living Areas and More Bedrooms As more condos are being built for families, they have had to evolve to accommodate more people. The two significant outcomes are larger spaces and more bedrooms. Older condos are more compact and often have only one bedroom, perhaps a second bedroom or den. Today’s condos embrace the openness of modern floor plans and have living areas that are more spacious than their predecessors.While it used to be that you could only find condos with one or two bedrooms, it is not uncommon now to find condos with three and even four bedrooms. They are more expensive but still less expensive overall than buying a detached home with the same number of bedrooms.Families need more space elsewhere in the condo. They tend to cook more, so family-focused condo units often have bigger kitchens, more appliances, larger refrigerators, and more oversized pantries. They often include a dining island with multipurpose use for eating, homework, and as a centre for socializing.Shared AmenitiesThanks to shared amenities, condo living may offer social and developmental benefits that might not be seen otherwise, especially for families with one child. Shared spaces provide opportunities for children to interact with other kids, and condo developers have created smaller, interconnected spaces that can accommodate smaller groups with social distancing.Family-focused condos offer a balance between private and shared living. While meals and private time might take place in a family’s condo unit, fitness centres, craft rooms, music rooms, theatre rooms, and game rooms provide plenty of opportunities for children to express creativity and connect with children from other families. And for children of school age, co-work and study spaces with small libraries provide a perfect space for schoolwork with a change of scenery.One of the best ways condos are becoming more family-centric is by including childcare. Many adults choose a condo based on its proximity to their workplace, and providing childcare onsite makes it easy for them to go to and from work without worrying about dropping off and picking up children. But it isn’t only for work – children can easily be cared for while their parents are working out in the building’s fitness facility or running errands.Outdoor SpacesIn light of previous years, a rising number of condo residences are focusing on resident wellbeing by including private outdoor spaces. Rooftop decks provide the perfect space to barbecue, host small gatherings, or sit and soak up the sun away from the noise of the street. But the green spaces are where most of the action is. They include plenty of open space for children to play and often have an outdoor pool for the warm summer days. The outdoor spaces included with a condo are more than enough to compensate for the lack of a proper backyard in the suburbs.As city populations increase and housing prices rise, family-focused condos can provide an affordable solution to raising a family. If your condo has enough space, amenities, and opportunity to be outdoors, it can offer a great alternative to a family-friendly home in the suburbs. In the future, more condo residences will likely cater to the family lifestyle, so more options will be available to raise children in a high-rise home..fusion-body .fusion-builder-column-1{width:100% !important;margin-top : 0px;margin-bottom : 20px;}.fusion-builder-column-1 > .fusion-column-wrapper {padding-top : 0px !important;padding-right : 0px !important;margin-right : 1.92%;padding-bottom : 0px !important;padding-left : 0px !important;margin-left : 1.92%;}@media only screen and (max-width:1024px) {.fusion-body .fusion-builder-column-1{width:100% !important;order : 0;}.fusion-builder-column-1 > .fusion-column-wrapper {margin-right : 1.92%;margin-left : 1.92%;}}@media only screen and (max-width:640px) {.fusion-body .fusion-builder-column-1{width:100% !important;order : 0;}.fusion-builder-column-1 > .fusion-column-wrapper {margin-right : 1.92%;margin-left : 1.92%;}}.fusion-body .fusion-flex-container.fusion-builder-row-2{ padding-top : 0px;margin-top : 0px;padding-right : 0px;padding-bottom : 0px;margin-bottom : 0px;padding-left : 0px;}The post Family-Focused Condos appeared first on RE/MAX Canada.