If you are reading this blog post, then we will assume that you are an expat and are either in the process of getting your immigration approved or have just moved to Canada for a long-term stay. First things first… Canada welcomes you! We are delighted to have you among us. We are more excited, especially now that you are considering investing in the Canadian real estate market.
It is very easy to buy a property in Canada, even for expats. Canada has an open-door policy. It means that even if you are a foreign national, you are eligible for complete ownership of Canadian property. Whether you are a non-resident or a resident of Canada with foreign nationality, the Canadian government permits you to open a bank account and own a residential property.
The Canadian real estate market has always been lucrative from an investment point of view. The house prices in Canada are much lower as compared to the global average house prices. Over the years, many expats have bought a second home in Canada. They love spending their summers in Canada in their beautifully furnished summer homes. So, if you are an expat, then continue reading to find all that you need to know about the Canadian real estate.
Canadian Real Estate MarketThe current Canadian real estate market is best for buying homes. The homes prices are lower as compared to the last few years. Even in major cities like Toronto and Vancouver, house prices remain low. In smaller cities like Hamilton, Kitchener, Quebec, Saskatoon, and Winnipeg, the house prices range between $500,000 and $2,000,000 depending on the size, construction, and neighborhood.
Which Areas Are Best for Expats?Canada is a multicultural society. Expats find it easy to integrate into the larger fabric of Canadian society. The large land size of Canada gives its nationals and expats a chance to select their new house address from a wide range of options. Most expats prefer to settle in Canada’s metropolitan cities like Toronto, Vancouver, Montreal, and Ottawa due to the commercial hubs, diverse community, and ease of access to international airports.
However, according to the magazine MoneySense, Oakville in Ontario, Canada, was named the best city for immigrants. Its thriving economy, low crime rate, and moderate weather have attracted immigrants from the world over. Ontario was named the best state in Canada for immigrants.
What Are the Financial Policies?Foreigners can own only one residential property for their own use (permanent residents are restricted to two properties). Foreigners must reside in the country for one year before they can buy property. Foreign companies who buy commercial real estate must use it themselves.
In April 2017, the state government of Ontario amended its laws and introduced a Non-Resident Speculation Tax (NRST). This 15% tax is applicable to foreigners or new immigrants who purchase residential properties in the Greater Golden Horseshoe area in Toronto.
It is advisable that you check the province policies for housing and real estate before you plan to buy a property in an area of your liking. Canada continues to secure the top position on the global Quality of Life Index for its economic viability, diverse community, and family friendliness. It has attracted thousands of expats and continues to be their first choice of home.
If you want to know more about how expats can purchase residential and commercial properties that are on the Canadian real estate market, then contact us here