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What points should be taken into account when buying a house in Canada

If you want to change your country of residence and are looking for a new home, then Canada will be a great option. Canada is striking in the diversity of both climatic and economic conditions. The country has densely populated megacities and rural areas, rich provinces. Therefore, a potential buyer in Canada needs to first determine the location of the object. Legislation differs in different provinces, different types of housing are presented and, of course, prices vary.

Foreigners can purchase real estate in Canada. If you are planning to buy a house for yourself, then you can do it freely, but when buying for investment purposes, you need to carefully study the legislation.

Search for real estate in the country

real estate in the country

Image by Harry Strauss from Pixabay

Before starting the search, you need to decide where your future property will be located. The natural and economic conditions of Canada are very diverse, so it is worth considering the climate, job prospects, and exploring the surrounding schools – if you are moving with children. By going to the, you can ask for help and you will be selected the property that will fully satisfy your needs.

Mortgage in Canada

Mortgage in Canada

Image by Alexander Stein from Pixabay

Foreigners in Canada can get a mortgage, but this process is not too simple, since one of the most important indicators for a bank is a credit history, and a newcomer in the country does not have it. Therefore, in addition to documents showing your income and the origin of funds for the first payment, you may also need a letter from the bank whose services you used in your homeland.

Realtors in Canada

Realtors in Canada

Image by mohamed Hassan from Pixabay

A realtor in Canada is not a mandatory participant in the transaction, but it will be very difficult for a foreigner who is not too familiar with the peculiarities of the local market to conduct it independently. Besides:

  • If the seller uses the services of a realtor, he will pay for the work of your agent. If not, then not necessarily. So, the services of a realtor are likely to be free for you, but this must be agreed in advance.
  • The real estate agent is legally obliged to protect the interests of the buyer and comply with the Code of ethics.

How to choose a realtor? Contact someone who works in the region you are interested in and knows the surroundings; works full-time and has been doing this for many years; is well acquainted with the legal side of the case, including sales to foreigners.