Reasons Foreign Investment in British Columbia is a Good Idea
The Canadian residential real estate market has performed well recently. The global recession has not impacted it as it has in other countries and areas. It is said that Canada has weathered the global recession better than any other developed country in the world. Because the government put aside money for when times were not so good with a surplus of over ten years. This makes it a very attractive investment for foreign investors.
Why wouldn’t anyone want to live in Canada?
We have easier travel and low-cost airlines. Our scenery is spectacular! The lifestyle here is laidback and they are attracted to the social stability. Not to mention that Canadian international homes market is young and developers are seeking to attract foreign investors.
If you are a foreign investor and contemplating a purchase of a second home in Canada, familiarize yourself with the rules and regulations of the area you are looking. There are regulations for purchasing property throughout Canada,. Do your research when thinking about buying a second home in British Columbia or any other area of Canada. For instance there are no restrictions on foreign ownership in British Columbia, provided you spend less than six months per year in Canada. Each province has a different limit on the amount and kind of land that can be owned. Unless you are buying a new property from a developer, you are required to register with a real estate agent.
Become familiar with the purchase process. The home buying purchase process is different than in the UK. Canadian realtors cooperate in multiple listings and one realtor can access information on all available properties for sale in an area. You should enlist the help of a real estate agent to assist you in the purchase of a property. There is no cost for a homebuyer, as the seller will compensate a buyers real estate agent at the time of sale. A real estate agent completes an Offer to Purchase along with a deposit, which could be refundable if the sale does not go through. Once the seller and the buyer both sign and agree to the purchase offer the sale can proceed to closing.