Guide To Buying Property In Canada

Guide To Buying Property In Canada

Canada is the second largest country in the world who has a rich culture and diverse lifestyle. It is modern, well-developed and a beautiful country that’s why many travellers decide to buy property there in Canada. Another major reason for purchasing house or property there is its friendly policy which is opting towards the non-residents.

Other reasons may include the affordability because the housing prices are lower, making it easier for the residents and non-residents to enjoy the home ownership. If you’re thinking of buying Property in Canada and don’t know from where you should start. Here is the complete guide that will help you in purchasing property while making the process easier.

Start Property Search

First of all, the buyer has to decide that in which city and location he wants to purchase property. Make a decision first that what type of property he wants to buy. For example, there are two ways to enjoy home ownership like buying a home and purchasing verde condos or whether he is looking for a place for corporate office. So, it is important to decide the type of property, city and location keeping in mind the different weather conditions of areas. Then start searching for the property in your desired city and area.

Hire Real Estate Agent

Hiring real agent is not necessary but it is important to hire an agent because he will help you in finding the property which you desire. The experienced real estate agents know the real estate market and they will help up buyers in purchasing property matching their needs at reasonable prices. For example, if buyers want to buy a condo then the agent will give him expert advice that Regina condos are less expensive. Additionally, they handle all the dealings and legal work on the behalf of the buyer making the process easy and smooth.

Make an Offer

Once a buyer has found a property that he desired, then the next step is making an offer. Be sure to make the right offer. Make sure that the property is affordable before making offer. If you want to buy condo then Saskatchewan condos are more affordable than the condos in Toronto. Here your real estate agent will help you. When the offer is accepted by the seller then hire a lawyer to proceed further with legal matters.

Financing Property

The home buyers have to pay the mortgage when it comes to purchasing homes and they can get the mortgage loan from the banks or other institutions like credit unions or from insurance companies. buyers have to pay back the mortgage with interest to the bank or company through regular payments. Remember that non-residents required to pay 35% cash down payment.

Legal Matters

The lawyer or attorney makes statement and prepares all the property papers after deciding the price, mortgage and down payment adjustments. The deal or agreement sign between both parties and a certified cheque is given to lawyer for payment (in trust).

Property Taxes

As a property buyer, you must know which taxes you have to pay in Canada. According to the Canadian government, a buyer has to pay three kinds of property taxes. A buyer has to pay the Land Transfer taxes after taking the possession of the property. It is based on the price of the property. Other taxes are applicable when the property is sold. The non-residents have to pay tax on any gains that come from selling taxable property including residential homes, resorts and condos.

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