Ways for an Immigrant to buy a property in Canada
Immigrants can buy a home in Canada
For many Immigrants it is a dream come true to be a “citizen” or “permanent resident” of Canada. After staying here for quite a few years, people start planning to buy a house for themselves; this is required for those who want to live their lives here till the last day of their life.
The scenic beauty, political and social stability attracts the immigrants and persuades them to own a property in this nation.
The performance of the housing market has been quite good, in fact the residential property prices are still cheaper in compared to its other counterparts. This market was less affected than any other country.
When you plan to buy a house as an immigrant, you may consider the following points
• The first and foremost step is to select a location, whether you are interested in buying a “holiday home” or residential property would be the first step here.
• The prices would vary from location to location. A home in Eastern part of the nation would be cheaper than the other parts. However, looking at the growing demand and crunch of space prices are appreciating day by day.
• There are some who lay emphasis on buying a house in happening laces like Vancouver, for them the high prices are not a matter of consideration.
• Transaction cost in Canada would be somewhere between 4.7 to 11% of the property price. There is a Provincial Sales Tax up to 10% and Good and Services Tax of 7% levied on buying a property.
• Property buying rights are given to “Permanent residents” of the nation.
• The new immigrants might not be able to furnish a few documents like “credit history” from a bank. In such cases, Rent to own or Lease to own is a better option.
• Also one has to be prepared with the huge of amount of down payment and processing fee he is likely to make.
Though you can walk in to a lending agency and initiate the process of buying a home but it is always advisable to take help of an attorney or a lawyer who is an expert in this area. This will safeguard you from any of the hidden terms and conditions laid by the lending agency. Buying home is not a difficult task for an immigrant but of course one has to meet the steps cautiously.