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 The number
of people who want to invest into real estate in Canada is increasing bit by
bit. And this is not wonder since Canada is very gorgeous country. Stable life
condition, high level of life, and excellent climate - all attract investors
from all over the world.
And the
point why it is good to invest in real estate in Canada is its laws. In pursue of
the laws the real estate in Canada is allowed to be acquired on the equal
conditions by any non-resident let alone the natives. There is only one obstacle
for foreigners - they are not eligible for preferential crediting. It is feasible
provided that you prove that very soon Canada will become the place of
permanent residence. Though there are legal ways to acquire crediting in Canada
in other ways since there are several financial authorities in Canada that are specialized
in real estate transactions who offer crediting to citizens of other countries
as well. However, the interest rates under such credits are far higher than for
the Canadians, though this is a reasonable risk.
Thus, foreigners
tend to purchase real estate in Canada and let it on lease. And they can easily
pay credit and maintenance fees for housing from lease. The owner of the housing
may execute immigration papers and move to live in Canada.
If you are serious
with purchasing real estate in Canada you should bear in mind that you the
preliminary costs includes the price for the housing and the amount of interest
rate by credit providing you acquired the housing by credit. You have to consider
the payment for services of the lawyer (you know, in Canada you cannot execute any
transaction in housing without a legal lawyer), realtors, finance broker (if and
when necessary), duties to collect for registration of the ownership rights and
register of the credit, payment for credit insurance (the insurance policy is
required in case if the credit amount makes over 75% off the cost of housing
acquired), housing insurance, payment of single state duties to be calculated
per the cost of real estate under purchase (Land Transfer Tax), cost of
technical inspection of the place which is optional but is strongly advised to
be sure in the housing quality/ the list also includes the cost to have supply
of gas, electricity, water, cable TV and telephone services. And finally, include
transportation cost, if any.
Choosing a real
estate you are recommended that you examine the location of housing since Canada
is divided into ten provinces and three regions, and they somehow differ in their
legislation including those concerning foreigners and residence permit (if only
you are anxious to get residence permit or will get it in future).
First and
foremost, proposals regarding existing real estate refer to detached houses and
apartments (condominiums). Condominium is a flat in high-rise
building. ‘Must have' options include security, underground garage and
per closed greenery. The average useful area of the flat makes 80 to 120m²
though it is not a limit and if necessary larger premises are easy to acquire. A typical flat consists of four or more rooms
and one or two bathrooms. A condominium is far more expensive to purchase than
a detached house of the same area. And it is reasonable since when living in a
condominium you are provided a wide range of services from sport club to
swimming pool and a banquet room to have guests.
If you
anyway decided for a detached house, you'd better consider a high-way in the neighborhood,
interchange and availability of fuel station. The cost of housing is far less
if any of the above is in close neighborhood.
Once you
are a legal owner of the housing, you should take care of the detached
territory as well. If you think you are the owner and have a right to do whatever
you need at your territory from collecting garbage to breeding cattle just in
the center of the yard, you will be soon informed that you are wrong. And you
will get soon ‘surprised' with the amount of fine for such actions then.
Once you decided
for purchasing real estate in Canada and you are certain about what you want, you
should only seek for a professional advice from a real estate agency and employ
a lawyer. When done, you will enjoy the future life without any inconveniences
and obstacles in Canada.
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