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How to buy real estate in Canada?

It is possible to save yourself from rental expenses by purchasing real estate in Canada. The procedure for acquiring housing itself is not much different from concluding a purchase and sale agreement in our country.

Features of buying real estate in Canada

It is possible for all foreigners to buy real estate in Canada at a full price. In the future, this asset will help to move to the country of the maple leaf on a permanent basis. A bonus for those who have not yet accumulated the entire amount for the purchase will be the opportunity to purchase housing on a mortgage with an initial payment of at least 35%. Of course, it will take longer to obtain a loan. In addition to providing documents confirming the solvency of a foreigner, the bank may put forward additional requirements for insurance.

The nuances of the procedure for registration of rights to real estate depend on which market you are looking for offers: primary or secondary. There are also differences in the process of concluding an agreement with the direct owner and developer.

Buying real estate from the owner

When purchasing real estate of any type, you will not be able to do that without the services of a professional agent, since all real estate offers are collected in a single MLS database. All realtors in Canada have access to it, selecting suitable options for objects according to the client's parameters. After that, the buyer's realtor organizes the views.

When the buyer has decided and is ready to proceed with the paperwork, his agent submits a purchase offer. At this stage, negotiations are being held between realtors of both parties about the cost, terms of payment and terms. If housing is purchased on credit, documents are submitted for consideration to the bank. After discussing all the points and mutual agreement, the buyer and the seller proceed to conclude a purchase and sale agreement. At the same time, the owner of the property receives an advance payment of 5% of the value. Further, the buyer has the right to conduct a technical examination of the premises, if it was previously agreed.

The longest stage is a legal check for the purity of the transaction. The specialist checks the formalities: the absence of debts, the number of owners and the correctness of the contract. This takes 1 to 2 months.

Registration of ownership with government agencies is also carried out by agents, and the transfer of the object to the buyer, along with documents and keys, takes place within a predetermined time frame. In time terms, the whole procedure takes at least 2 months.

Buying an accommodation from a developer

The acquisition of the so-called "primary organization" requires more thorough preparation. Canadians approach this issue with caution when buying real estate at the construction stage, since they do not have the opportunity to visually familiarize themselves with the object.

The real estate agent is also involved in the study of the developer's information and the selection of options, and the lawyer oversees the purchase and sale transaction. It must be said that construction is rarely frozen in Canada, so the purchase of this type of accommodation can be considered safe.

There are certain differences in the payment scheme for the purchase. During the construction period, the buyer transfers payments in small installments according to the schedule established by the contract. Usually this is 5% of the total cost of the object. By the time the construction is completed, at least 25% of the amount must be paid. Upon completion of the transaction, the buyer transfers the balance of funds to the developer and receives the ownership.

Using the services of qualified specialists, buyers can feel confident, since in this case, non-compliance with legal aspects is excluded.

Where is the best place to buy real estate in Canada?

In view of the latest developments related to the coronavirus pandemic, the real estate market has undergone great changes throughout the country. Some regions have become more affordable, while others, on the contrary, have raised prices to a record 104%.

Based on an expert assessment of the market and parameters of housing affordability, in 2020 experts recognized the city of Guelph in the province of Ontario as the most promising for real estate investment. The median accommodation purchase price here is $ 527,300, and the annualized return is 6.83%.

The cheapest apartments in Canada can be bought in the capital of Saskatchewan, Regina, where the base price is $ 174,800. Also, economical accommodation options can be found in northern Alberta in the cities of Edmonton and Calgary. The record drop in real estate prices is due to a slowdown in migration flows and an increased level of unemployment.

For wealthy immigrants, such an investment will become not only a profitable investment, but also an opportunity to obtain a visitor visa, which will allow them to stay in the country for up to six months on a legal basis every year.