Within the last few decades, Canada has established itself repeatedly as one of the rising stars in the global real estate investment market with many benefits that it holds for astute investors.
Why Canada is the place to be for real estate
Thanks to the fact that Canada holds nearly no barriers for ex-pats and locals alike to enter the real estate market and invest in various types of properties, the country has become dear to many industry players.
With far lower average prices on the majority of its properties than most of its neighboring countries, Canada hosts an abundance of opportunities in the real estate industry. Aside from the fact that its properties are the definition of affordable and listings are more abundant than ever, Canada has also become the place to be because of its well-known open-door policy for foreign property ownership.
The current state of Canada’s housing market
Canada’s housing market, as of late, is undeniably a buyer’s market. For the past few years, the average property listing price in Canada has consistently declined while subsequently yielding more opportunities for interested homebuyers to stake their claim. Major cities, such as Vancouver and Toronto, for instance, have become more affordable in recent years as the country continues to lower its prices and welcome even more ex-pats. As a matter of fact, know that many ex-pats have bought second homes in the last decade alone!
It is worth noting, however, that real estate investment opportunities are not limited to Canada’s major cities alone as the country’s incredibly-large size also provides options for ex-pats and residents alike to invest. From Winnipeg and Saskatoon to Ottawa and Calgary, listings at low prices span from the East Coast all the way to the West and hold an abundant supply for lucky investors.
How much will it cost to invest in Canada’s housing market?
Generally speaking, the financial constraints that ex-pats need to deal with when purchasing a home in Canada are nearly non-existent.
According to Canadian rules and laws, non-residents of the country can avail of financing up to 65 percent of any home’s purchase price and will only need to pay a 35 percent down payment at most. It is worth noting, however, that foreign banks cannot register mortgages in Canada, so you’ll need to apply for a loan, qualify for it, and pay directly for the loan itself at a Canadian bank.
Fortunately, following standard procedures for purchasing a home in Canada won’t necessarily require your physical presence because you can apply for a loan over the phone, fax, or email and send certain pieces of information over, such as:
Your assets and liabilities (which must be certified by a registered accountant and supporting bank statements)
Your income verification documents
Your credit information
Your tax returns
Where to start looking once you have the money
Given the power of the Internet today, it’s safe to say that you can skim through a wide range of listings in Canada that can be applied for and purchased overseas with a few clicks. By searching up the name of an area where you’d like to invest in and adding the phrase “property listings,” you’ll be able to find tens of thousands of options for your choosing!
If you’re looking to have a hassle-free time with finding the perfect Canadian property to invest in and setting up the payment terms to finally claim a property, then get in touch with Forest Hill Real Estate to see how you can get started!