We buy property in Canada.
The real estate market in Canada is significantly influenced by competition between the French-speaking province of Quebec and the rest of the country. Having recently expanded its political powers, the French-speaking region is actively pursuing an investment policy that entails injecting substantial amounts into the base enterprises of Canadian companies Air Canada, L & # 8217; Oreal, Ubisoft, Bombardier located in Quebec. To which the real estate market has responded by the growth in the rental yield of housing in Montreal to the highest rates in the country.
Undoubtedly, the presence of such a powerful neighbor as the US can not but influence the real estate in Canada. The absence of strict customs formalities when crossing the border by citizens of two friendly states allows Americans, residents of neighboring states of the United States, to actively buy residential real estate in the border areas of Canada on the shores of the Great Lakes. In this region, the price dynamics are fundamentally different from the general Canadian trends.
There is another phenomenon that potential buyers of real estate in Canada should take into account, this is the dynamics of the development of the “raw” sectors of the country’s economy. Canada is rich in explored and exploited mineral deposits. Therefore, the beginning of the development of new mineral deposits can dramatically change the current situation in the local housing market. This example can serve as the province of Newfoundland and Labrador, where the rapid rise in house prices began immediately with the start of work on new fields. Here, for some two months after the beginning of such work, the average cost of housing increased by 16% at once.
Buy property in Canada is available to all. Ownership rights in Canada are protected reliably. The purchase transaction will take place without fail under the supervision of a lawyer, this is done to ensure its full transparency. The process of buying a home in Canada proceeds as follows. To make a reservation for the chosen house or apartment, you need to make a deposit of 5 thousand Canadian dollars. Within ten days you have the right to give up your intentions. If you have to buy real estate in the secondary market, then the history of the purchased apartment will be submitted for verification for 40 years past. Housing of the primary real estate market is subject to insurance against construction defects. In the event of an insurance event within a year, the cost of repairing swollen floors or eliminating defects in double-glazed windows is compensated. The insured event can be recognized even after seven years, if serious defects have appeared, for example, the structure has cracked. The cost of attorney fees will be in the range of $ 1,500, and insurance – $ 200-250.
Payment for a purchase can be made in several stages, with the money being sent either to the lawyer of the construction company, or to his lawyer for accumulation on a special trust account. The realtor here is engaged in preparation of the investment program and transaction support (selects real estate offers, prepares a contract, financing options). In Canada, the method of electronic registration of apartments for sale is widely implemented, with all information about it being entered into the database, except for paper carriers with seals.
Therefore, today you can open a single database and view all that is offered for sale in the real estate market, sales history, find out all the details about the owner of the housing, the size of the plot and its location.
In Canada, an alien is not forbidden to take a mortgage. There are only some conditions, for example, if the cost of the property being purchased is within 800 thousand Canadian dollars, then an initial deposit of 35% is required, the remaining amount will be issued by the bank in the form of a loan. If the property is more expensive, then 50% of the cost of housing is subject to payment. To cover the costs of mortgage payments, you have the right to take the newly purchased apartment for rent. However, please note that in Canada it is forbidden to rent an apartment for a short time. Usually the lease is issued for at least a year. This is done taking into account the interests of neighbors, who, as you know, like the permanence.
Buying a home in Canada is also attractive for immigrants, who are granted certain benefits as residents, and for foreign investors. The Canadian legislation does not provide for any restrictions on the acquisition of real estate by foreigners.
We buy property in Canada.