Buying a home in Canada is easy than most other countries around the world. Expats can also easily buy a home in Canada, which has an unrestricted policy towards home ownerships. Furthermore, homes in Canada are relatively inexpensive. Below are the top 3 things you must know before buying a home in Canada.
1. Ownership rights
Canada has a flexible policy for home ownership. Even non-resident Canadians enjoy the same rights of home ownership as the resident Canadians and citizens of the country. If you want to visit and stay in Canada for 6 months or less every year, you will be considered a non-resident Canadian. You can open a bank account and but a home in Canada. On the other hand, if you want to stay in Canada for more than 6 months each year, you would be required to get an immigrant status.
2. Home location and type
Researching the location and type of home is critical. You must do your research and decide on the location first. Be sure to take the different climates and economic conditions in the specific location into consideration. After finding a suitable location, you should decide the type of home you desire to buy. You can find different types of home in Canada, including apartments, detached homes, and townhouses. Next, decide about the amenities you want inside the home.
3. Financial consideration
If you are a non-resident Canadian, you can avail financing at sixty-five percent of the purchase price. A down payment of 35 percent is required for non-residents. To avail the financing, you must file an application directly with a bank. The bank will interview you via phone, email, or fax before giving you the loan. Keep in mind, however, that you must raise mortgage by a Canadian bank or mortgage broker.
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