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Canada Property
Investment |
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Canada is one of the world's wealthiest nations with a high per capita income, it is a member of the Organisation for Economic Co-operation and Development (OECD) as well as Group of Eight (G8). The country has a free market economy with slightly more government intervention than the United States, but much less than most European nations. Canada has traditionally had a lower per capita gross domestic product (GDP) than the US, but higher than the large western European economies. Furthermore wealth is generally more equally divided than in the US. In 2006 Canada's national unemployment rate of 6.3% was among its lowest in 30 years.
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Property Development Search |
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In the past century, the growth of the manufacturing, mining, and service sectors have transformed the nation from a largely rural economy into one primarily industrial and urban. As with other first world nations, the Canadian economy is dominated by the service industry, which employs about three quarters of Canadians. However, Canada is unusual among developed countries in the importance of the primary sector, with the logging and oil industries being two of Canada's most important.
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Purchasing property in Canada is reasonably straight forward. Investors who follow the steps outlined below will have little difficulty:
- Investigate the different regions of the country and decide where you want to purchase. Consider the purpose of the property before making a decision.
- Select a suitable property. Working through a reputable estate agent is generally advised, however, not too many difficulties can be expected here. Agents are regulated and have to operate under a strict code of conduct.
- Once you have selected a property, your real estate representative or agent, together with your lawyer, will prepare the Offer to Purchase to the seller.
- The Offer of Purchase is presented to the seller with a deposit - usually no more than 10% of the purchase price. The seller will accept, reject or make a counteroffer.
- A copy of the signed agreement is sent to the lawyer who will examine any conditions of sale and note the closing date. The lawyer must be informed on how the buyer, and any other co-buyers if any, will be registered in the title to the property.
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- During closing, all conditions in the Offer to Purchase, such as home inspection, must be satisfied by the stated date.
- At this point you should have an up-to-date land survey done on the property.
The lawyer searches the title to ensure the seller has a clean title. The lawyer must also check government regulations and other legalities. This includes ensuring property taxes are paid, and that there are no outstanding liens or other rights against the property.
- The lawyer prepares a Statement of Adjustment, which will confirm the selling price, the amount the buyer has to pay the seller, the balance of the down payment and adjustments. A certified cheque for this total should be made payable to the lawyer in trust.
- Finally, the lawyer pays the seller, registers the home in the buyer's name and provides a deed and the keys to the new house.
What can you expect to pay?
- Land Transfer Tax: 0.50% - 2.0%
- Goods and Service Tax: 6% GST - applied only to newly developed properties. Several rebates may however be applicable depending on the overall price and whether the property is to be used as a primary residence.
- Estoppel Certificate Fee: CA$100
- Legal Fees: 0.50% - 1.0%, depending on your negotiated agreement with the lawyer.
- Registration fees: CA$70.70
- Real Estate Agent's fee: 3% - 7% (+ 6% GST) usually paid by the seller.
- General costs related to the sale: 3.68% - 8.42% usually paid by the seller.
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