Foreign Homebuyers Guidance Amber Granter

Buying Property in Golden, BC as a Foreign Buyer: What You Need to Know

Buying Property in Golden, BC as a Foreign Buyer: What You Need to Know

Golden, BC, is an outdoor paradise known for its world-class skiing, mountain biking, and backcountry adventures. With Canada’s foreign buyer restrictions currently exempting our area, now is the perfect time for U.S. buyers looking to invest in a Canadian retreat. Here’s what you need to know about purchasing a property in Golden and what to consider when selling down the line.

Foreign Homebuyers Guide for Golden BC with Amber Granter

1. No Foreign Buyer Ban in Golden

Canada’s federal Prohibition on the Purchase of Residential Property by Non-Canadians Act (2023) restricts foreign homebuyers in major urban areas but excludes Golden and other smaller communities. This means Americans and other international buyers can still purchase homes here without restrictions (Government of Canada).

2. The Buying Process for U.S. Buyers

Purchasing real estate in BC is straightforward but involves some key steps:

  • Hire a Local REALTOR® – Working with a Golden-based expert ensures you find the right property and understand local regulations.
  • Obtain a Canadian Bank Account & Mortgage (If Needed) – Many foreign buyers pay cash, but financing is possible through Canadian banks with a larger down payment.
  • Hire a Lawyer or Notary – A BC lawyer handles closing, title transfer, and legal aspects of your purchase.
  • Understand Property Transfer Tax (PTT) – In BC, PTT is 1% on the first $200K, 2% on $200K–$2M, and 3% on any amount above that. No additional foreign buyer tax applies in Golden.
  • Consider Ongoing Costs – If you plan to rent or leave the property vacant, be aware of potential tax obligations (more below).

3. Selling Later? Be Aware of Withholding Tax

When selling a property in Canada, foreign sellers are subject to a non-resident withholding tax—typically 25% of the sale price—until the Canada Revenue Agency (CRA) confirms that all taxes (including capital gains) have been paid. If you rented out the property, this process can take longer as rental income tax filings must be cleared first.

Pro Tip: Work with a tax professional well before listing your home to avoid delays in accessing your sale proceeds.

4. Vacancy Tax: Does It Apply?

Yes, foreign and second-home buyers in Golden should be aware of the Federal Underused Housing Tax (UHT), a 1% annual tax on vacant or underused residential properties owned by non-Canadian individuals or entities. However, exemptions may apply based on usage, rental history, or family occupancy (CRA).

BC also has a Speculation and Vacancy Tax, but Golden is currently not in the taxable regions (BC Government).

Why Buy in Golden Now?

  • No foreign buyer ban – Buy freely while restrictions still apply elsewhere.
  • Investment potential – Tourism and demand for mountain homes remain strong.
  • Unparalleled outdoor lifestyle – Ski, hike, and explore the Canadian Rockies from your doorstep.

Thinking of buying in Golden? Let’s talk! I’ll guide you through every step to ensure a smooth transaction.

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