What things should take care while finding houses for sale in Canada
What things should take care while finding houses for sale in Canada

What things should take care while finding houses for sale in Canada

Canada has a thriving expat community. The country Canada has so much to offer. Whether you are looking to move to be closer to family, or taking on a fantastic new business opportunity ,moving to be closer to family or wanting to come here to explore etc. 

Can foreigners buy property in Canada:

Canada has a relatively open-door policy. This policy is for foreigners looking to buy property. Non-residents have the same ownership rights as residents.

For foreigners there are some specific guidelines that need to be followed. If you are staying in Canada for six months or less, you are considered a non-resident. You need to apply to be an immigrant, if you want to stay for longer than 6 months a year.

Speak with a lawyer to support you with paperwork required by Canadian banks and realtors etc. In  April 2017, the Government of Ontario introduced the Non-Resident Speculation Tax.

Best places to buy in Canada:

Canada has everything: endless frontier, beautiful mountainscapes, rugged coastline and modern, thriving cityscapes. Where you want to live depends on a number of things.

First is the climate. Canada’s climate varies greatly so you should be properly aware about the location you are moving to. Property affordability is the next one in this Canada was ranked as 85th in the 2020 Affordability Index by Number with property prices being high in comparison to other countries around the world.

Best places to live is the next thing you should look upon. With a strong economy, low crime rates and great weather, that crown goes to Oakville, Ontario for best places to live.

Ontario is also voted as the best place for new Canadian immigrants, the third best place to retire and the fifth best place to raise a family. Last but not the least is the quality of life Canada ranked as no.1 in the quality of life Index 2020 in a survey of more than 20,000 people across 73 countries. 

True cost of buying a home in Canada:

 Be sure to budget for everything. Some of the costs may not be obvious which includes the purchase price, property or land transfer tax, possible bank appraisal fees, home inspection costs, home insurance – your mortgage lender will make it a condition of the loan, legal fees, a new-build home may attract a goods and service tax or harmonized sales tax and if you’re buying in Ontario’s greater golden horseshoe region and you’re not a resident or citizen, you’ll have to bay a Non-Resident Speculation Tax of 15%, a variety of other ‘closing fees’ which could include a condominium estoppel certificate. Again, your realtor will advise you, the cost associated with sending your funds abroad. 

Should you use a realtor or not:

The realtor will take some of the legwork out of finding your ideal home, he will also bring a valuable knowledge of both property and the area to the table. Negotiate a better price on your behalf, he will help with legal contracts. 

While choosing realtor:

Find a realtor who is registered with the Real Estate Council or equivalent for your province, who knows the neighborhood inside out, specializes in representing buyers,has solid experience, is a full-time realtor, has been recommended to you by someone who’s actually used them or has good and credible reviews online.

The Neighborhood:

Be sure the neighborhood also meets your expectations. To research a neighborhood, drive around on weekdays and weekends also. Do the neighbors keep the yards clean and is the neighborhood safe enough for people to walk? Whether it’s a child-friendly or pet-friendly neighborhood. 

The Site:

Look at the site of the home. If the home is on a hill, does it have a view, a walkout basement etc. Is the yard suitable for kids, pets, gardening etc. Is access to the property safe regarding driveway elevation or stairs etc.

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