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Guest Post: An American Expat Guide To Buying Property In Canada

Posted by Mani Bagga on Friday, October 15th, 2021 at 10:25am.

An American Expat Guide To Buying Property In Canada

 

 

A property in Canada that you can buy as an American ex-pat.

Image Credit: Unsplash

Since Canada is a country that becomes an instant favorite to whomever visits, it's no wonder that many Americans wish to live there. It's pretty developed and offers many opportunities and a fulfilling lifestyle. Because of its size and magnitude, it's always welcomed people from all around the globe. This means that if you're looking for a diverse and exciting place, Canada is the perfect fit. However, you will need to sort out a few things before you get to move there. Buying property in Canada when you're an American ex-pat may seem a bit difficult but, the truth is, you only need correct information on your side.   

 


 

Is purchasing a property in Canada difficult?

Buying a Canadian property is relatively easy for Americans. If you're planning on moving there permanently, you'll get a pretty good policy as a new foreign owner. In comparison to America, you'll also be very pleasantly surprised when it comes to property prices. Another thing that's likely to surprise you is that you won't lose any benefits as an owner if you're currently not a Canadian resident. Of course, if you plan to reside here permanently, you'll need to petition for immigrant status.

 

A person typing on their laptop searching for properties to buy in Canada.

Image Credit: Unsplash

Make sure to look online first before you make decisions to purchase property in Canada.

Look for a home as soon as possible

If you've decided that buying property in Canada is something you wish to pursue, don't wait too long. Begin to look for a house right away. The number one thing you should pay attention to is the climate type in the area you're looking at. This will impact the type of house you'll purchase and your lifestyle in the future in great measure. Searching for a property online shouldn't be an issue. Just make sure that you're looking at recognized and reliable sites. Of course, although long-distance house hunting is a great way to get a lot of info, you should always check out the real deal if you have that option.

 

Affordability

Canada's east has houses that are quite a bit more affordable than those on the west. Montreal offers the best bang for your buck, without a doubt. Investing in the market is something that experts advise people to do since the prices are steadily rising. Montreal is not only beautiful and peaceful, but it also offers a great connection to other cities. Of course, the popularity of Toronto is on the constant rise, and for a good reason. If you're looking for a place that's teeming with nature, mountains, rivers, and fresh air, Vancouver is the way to go. Nevertheless, no matter which direction you decide to go in, you won't regret it.  

 

Find a good real estate agent

Before you've even started to look for property in Canada to buy, contact the professionals. They'll know how and where to tell you to look for the best results. It's always better to ask someone experienced than to roam alone.

 

Take care of the residency documents

You won't be conditioned to file for residency to own a property, as we've previously stated. You also won't run into restrictions when it comes to purchasing a place in Canada. They're open with the amount and type of land you wish to acquire. Nevertheless, if you want to buy upward of five homes, you may run into some difficulties. That being said, although you don't have to be a resident, you can apply by all means. Make sure to arm yourself with info and be prepared for a complex and lengthy process.

 

Prepare for a culture shock

Experiencing a culture shock may not be the first thing that pops into your mind when thinking about moving to Canada. However, although the cultures are somewhat similar, you'll still need to get used to a particular lifestyle. However, once you experience the kindness and the free healthcare, the chances are that you'll feel only happiness and contentment.

 

 

The Canadian flag.

Image Credit: Unsplash

Be prepared to experience a culture shock once you've bought a property in Canada and have moved there.

Hire international movers for your relocation 

No matter how much you think you know about moving, international relocations are a whole other ballpark. If you wish to experience a stress-free relocation from the States, make sure to hire a reliable company and experienced at this. Hiring international movers is probably the best way to go since they'll have all the equipment and advice ready for you.

 

Take care of financing

If you're not a resident of Canada, you'll still be able to get a mortgage loan. In most cases, you'll have the right to at least a 35% down payment. The other 65% will come from the mortgage. Make sure to do your research before settling on a bank because some are harsher than others. We advise you to think through your financial situation thoroughly before you decide which route to take.

 

Save up to make buying property in Canada easier

Something that you'll probably do before you relocate to Canada is selling your own home. Make sure to let your real estate agents in on this as well since you'll be more likely to sell your home faster and for a more considerable sum this way. Take the time to consider what the market you're in looks for and provide potential buyers with that. This way, you'll make buying property in Canada a bit easier on your budget.

 

The legal side of things

Technically, according to the law, you don't even need to be in the country to purchase a property. However, the majority of banks will require your presence upon opening your Canadian bank account. This account is necessary since you'll use it to get the mortgage for your home.

 

A gavel that signifies the law about buying a property in Canada for ex-pats.

Image Credit: Unsplash

Luckily, Canadian laws don't make buying a home in Canada difficult for American ex-pats.

Closing day

On the closing day, once everything settles and the deals are in place, you'll get the keys to your brand new home. This is when all the meetings, paperwork, and technical things will be behind you. Although buying property in Canada can be time-consuming, tiring, and somewhat difficult, it's all worth it in the end. You can now relax and enjoy everything that you've managed to accomplish.

 

If buying property in Canada is something you've been looking into, you've come to the right place. We've made a simple guide you can follow.

 

 


 

Guest Author:

Beatrice White

Assistant Editor Marketing | Moving Offices San Diego

1 (619) 406-8157 | betty@movingofficessandiego.com  www.movingofficessandiego.com San Diego, CA

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