Are you considering living in Canada long term? Are you an expat and wanting to buy Canadian property? Continue reading. Canada offers man affordable properties, and housing prices are considered cheap compared to comparable destinations around the world. Finally, Canada makes it easy for foreign investors to purchase property in the country.
Buying Canadian Properties
When it comes to purchasing property in Canada, nonresidents have the same ownership rights as Canadian citizens. Canada allows nonresidents to purchase property and open bank accounts. A nonresident is defined as someone who lives six months or less in the country each year. If someone plans on residing in Canada for more than six months, they must apply as an immigrant.
Canada's housing market is currently a buyer's market. For this reason, housing prices are low, including the larger cities of Toronto and Vancouver. Expats often purchase a home in Canada to be used as a second home for vacationing. Because Canada is large, there are many different types of landscapes to choose from. Whether you are looking to buy on the West Coast, the East Coast or Central Canada, you are sure to find the perfect home in your price range. Vancouver and Toronto's prices are higher than other cities. For lower prices, look at properties in Northern Ontario, Montreal, Saskatoon, Calgary or Winnipeg.
If you are considering purchasing Canadian property, you may wish to use a notary public or an attorney from your country to assist you with the necessary paperwork. An international real estate attorney will have the knowledge needed to navigate Canada's property laws.
Where Should You Begin Your Search for Canadian Property?
You should start by determining the type of home you want and the location of the home. Canada offers many different climates, so make sure you understand the different climates in the various cities of the country.
Canada offers detached homes, condominiums, and townhouses. Each of these types of properties offers a broad range of options. You can narrow your choices down by determining the number of bedrooms, baths and other amenities that you require.
Properties are often advertised in newspapers as well as online, so it is essential to know where to look when shopping for a Canadian property. An online house hunter can help you find the perfect property based on your unique needs.
What Financial Considerations Should You Be Aware of When Purchasing Property in Canada?
For a non-resident, a 35 percent down payment will be required. The remaining 65 percent will be financed through a mortgage company. An expat will need to apply at a bank for a mortgage and qualify for the loan. Most leases will require interviews over the phone, fax or email. These meetings will ensure the bank has your personal information that includes a list of assets and liabilities, tax returns, income verifications and credit information.
As stated by One Percent Realty, Foreign banks do not have the ability to register a mortgage in Canada. Because of this, the mortgage must be held by a Canadian bank or mortgage lender. The borrower will need to hire a notary public or Canadian lawyer to prepare the necessary mortgage documents and register the proper papers in the land titles office.