Expats buying in Toronto for family member?

innuen6o wrote: ↑ I'm an expat Canadian citizen living in the States interested in buying a condo for my parents in Toronto, preferably North York area. They're currently renting and they've had their rent bumped up a couple of times already.

Any other expats purchase real estate in Canada? I've bought a few properties in the USA and was wondering what the process in Canada is. Do I need a Realtor as well as a Real Estate lawyer for this transaction? It will likely be a cash purchase. Anyone have experience moving that much money across the border? The condo will be titled in my parents name so as to avoid the 15% non-resident tax.

Thanks for any help!

It is worthwhile finding the cheapest way to convert the funds. If you have a Canadian brokerage account that could be the best way. There are threads on the issue. At least use Transferwise rather than your bank at a minimum.

A realtor is the normal way to do it. You don't really need a lawyer per se. You will use one to complete the transaction but you don't need one in advance.

You are a citizen so exempt from the non-resident tax. It might still be better in your parents name as this will avoid capital gains assuming you will still inherit it and trust your parents etc. If it's all cash there will be limited proof of funds needed. If they get a mortgage for any of the purchase you will need to show proof of funds and certify that you are giving it to them as a gift.

Thanks so much. Exactly the response I was looking for!