OFFPLAN NEWS

(05.07.2007 )
Property in Canada Canada Property

The Canadian real estate market is quite an established and traditional market rather then an emerging market. The real estate market is appealing to expatriates and professionals in search for a job in Canada. Due to Canada being a vast territory with a great diversity, the real estate market offers a wide range of investment opportunities. An investor should be advised to buy in regions where the real estate market did not yet reach its peak, then sale before the real estate market in that region reach stagnation. Due to the fact that Canada has economic strength and is regarded as a safe country, buy to let investment is also indicated. Long term investment is possible and so is short term investment; all depend on one's real estate market research and intuition. Each month, The Canadian Real Estate Association compiles the statistics of existing homes and properties sold through the Multiple Listing Service®. This provides an overview of the existing housing market in Canada, and tracks market trends for prices and properties sold.
In Canada there are 2 types of property ownership - Freehold and Condominium.
Before buying real estate in Canada, the investor should be aware of other extra costs, such as:
Mortgage insurance and loan application fees
Appraisal fees
Home inspection fee
Down payment of around 25% less the 5% deposit
Deposit of around 5% paid when an offer to purchase is accepted
Estoppels certificate fee
Prepaid property tax refund
Land and deed registration fees
Survey costs
Legal fees
Title insurance
It would be best to consult your real estate agent before buying.
Please note that in Canada ,the seller pays all the fees involved with the realtors.
Also you should hire a lawyer. Lawyer fees vary across Canada,but it can cost you up to $2,500. He has to obtain Compliance Letter,Tax Certificate Once you made up your mind about what and when you want to buy, your lawyer and real estate agent should prepare a document called Offer to Purchase' which should be handed over to the vendor.
Among other things it should include:
" the price
" date of completion (negotiable)
" date of possession (negotiable)
" subject clauses(inspection and financing)
Once an offer is accepted, the seller cannot accept another bid even if it is higher. The purchase process it will take at the most 90 days. Offers have to be made in writing to the realtor selling the property. A negotiable deposit has to be paid. The preliminary agreement is binding both seller and vendor.The money associated with the sale is paid whether through a lawyer or a notary. Once you own a property, there will be annual property tax to be paid which is 1% of the house value.

Acquisition Costs
Commissions - paid by: As in the United States, Sellers are typically responsible for commissions and cost related to the closing of escrow. Legal: Legal fees are shared between buyer and seller. Other: Commissions and related fees are sometimes paid by the buyer. For example, if the buyer contracts with a broker or an agent to locate a specific parcel or type of property, the buyer may bear the responsibility for the commission paid to his or her broker. The Canadian government maintains real estate records which are publicly available over the counter. There is, however, a wide variance in fees charged by different municipalities for information.  
  
  Property price guide as per 2006
Montreal
Average home price: 112,000
Ottawa
Average home price: 139,600
Toronto
Average home price: 202,000
Edmonton
Average home price: 111,000
Calgary
Average home price: 133,000
Vancouver
Average home price: 311,500
Charlottetown
Average home price: 130,000 

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