Real Estate Investor Magazine South Africa June 2016 | Page 52

CANADA

Toronto

South African property highway is a busy two-way street

A

massive 70% of the property business of the
Toronto-based Lourantos Group of Sotheby’s
International Realty in Canada, originates
from South Africans.
That’s according to Christo Lourantos of Sotheby’s
International Realty in the Greater Toronto area on
the shores of Lake Ontario, who says that the value
of the Rand to the Canadian Dollar relative to other
First World currencies makes purchasing property
there a viable option.
“There are a lot of skilled people emigrating from
South Africa to Canada, while a substantial number
of local investors are also using their annual Reserve
Bank forex allowance to purchase property in a stable
market that is growing at a rate substantially above
inflation.
Canada also has very favourable laws for foreign
property investment.
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JUNE 2016 SA Real Estate Investor

The purchase, title transfer and insurance processes
are very straightforward, with a modern, electronic
land titles system providing ease of use and security.
Non-residents investing in Canada are required to
file with the Canada Revenue Agency with respect
to capital gains on real estate, but the process is not
complicated and easily integrated into the sale of
investment property by any competent lawyer.
Non-residents may opt to pay tax on the net income
from a rental property, permitting the deduction in
Canada from gross income of all allowable expenses
associated with the property.
Lourantos, who recently paid a visit to South Africa
to meet with investor clients, says if one is considering
buying property in Greater Toronto it’s a good idea
to plan a trip and spend some time looking yourself,
because unlike the local market, the average length of
time a property remains on sale is a fortnight or less.
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