5 Property For Sale in Canada

Considerations of buying Canada property

As one of the world's top ten trading nations, Canada has a highly globalized economy and is also a member of OECD and the G7. According to the World Economic Forum, Canada also has the world's most stable banking system. Because of this, Canada was able to emerge from the 2008 financial crisis relatively unscathed. The government did not need to provide bailouts to any domestic banks or insurance companies. Politically speaking, Canada is also very stable, ranking as the 8th least corrupt nation in the world. In addition, Canada also has a clean and unpolluted environment, with beautiful natural scenery to match. Major Canadian cities provide the perfect combination between a convenient, exciting city life in a gorgeous, clean environment. The impeccable conditions make Canadian property a highly viable investment option.

Foreigners who want to buy Canadian property will be able to apply for mortgages from Canadian banks, given the requirement that they pay larger down payments and occasionally higher interest rates. In addition, investors will have to verify their income stream and credit.

If foreign investors are looking to invest in cities in Ontario, you may be affected by the Non-Resident Speculation Tax, effective since 2017. This tax is applicable to properties purchased in the following cities: Toronto, Brant, Dufferin, Durham, Haldimand, Halton, Hamilton, Kawartha Lakes, Niagara, Northumberland, Peel, Peterborough, Simcoe, Waterloo, Wellington and York. Other than this, foreign investors interested in Canadian property will be subject to other taxes:

• Municipal land transfer taxes
• Provincial land transfer taxes
• Annual property tax
• Tax on property sales