What you need to know about Canadian real estate market

Canadian real estate business or market is one of the most attractive one in the world. Are you living outside Canada or are you interested in getting into their real estate? If yes, the following are some of the essential things that you need to know when purchasing property in Canada. This information is beneficial, especially for the non-resident buyers.

Financing

You can easily get financing in Canada even if you are a non -resident. However, lenders will require you to make a significantly high down payment as compared to the Canadians. Any individual who is looking for financing is to required to verify his or her creditworthiness an income. This is done to ensure that borrowers are in a good position of paying their mortgages. Non-Canadian residents are given mortgages at higher rates as compared to the locals. However, you do not have to worry since the rates offered are still are still attractive.

Foreign ownership

Most of the rules concerning real estate in this country are not directly related to citizenship. In fact, any person who does not reside in Canada for more than six months is considered as non-resident. This is a country that welcomes buyers from different countries. There are no restrictions barring anyone from buying any estate. However, it is worth to that from April 7 all the non-Canadian citizens are expected to pay an additional tax of 15% for the property purchased. This additional tax is referred to as Non-resident Speculation Tax. Individuals owning ties in this country are not given any privileges. Any person who is interested in living in Canada has to follow the Immigration laws set by the immigration department.

Taxes

Contacting an accountant will help you in understanding taxation will affect you when purchasing a property. In addition to the Non-resident Speculation Tax mentioned earlier, both Canadian and foreign buyers are subjected to the same and taxes. However, first-time buyers are expected to repay land transfer rebates. Additionally, there are tax implications that affect the non-residents whenever they are selling their property. Any individual who does not comply with the rules set by Canada Revenue Agency is penalized.

Insurance

The process of obtaining an insurance cover for investment properties is sometimes very expensive and difficult for the non-residents. This insurance is vital because it is required by any person who is applying for a mortgage. Any person who is applying for insurance is advised to get all the necessary information and insurance quotes before making such an offer.…

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Tips for finding a good real estate agent in Toronto

Many people are known for doing away with the services of real estate agent yet they spend much of their time doing shopping. This is not right, and it might cost you a lot of money. The high demand for houses has led a surge in the prices. The cost of hiring an agent is much small as compared to that of buying a modest home. A real estate agent will help you in getting a property that matches you much faster. Adopting the tips discussed below will help you in finding a good real estate agent in Canada.

Understanding your agent

Always make an effort of understanding the agent’s incentives. Find how and why they are differing from yours. Some of these agents might be pressing you to sell your property or home quickly. Such sales will only benefit the agents. Some of these individuals are not concerned with your selling price. Avoid rushing when making a bid. You can make a lot of money waiting for the last bid.

Avoid hiring a friend

Some people have ended up hiring their friends, acquaintances or cousins as agents. This is absolutely wrong. Avoid hiring an agent because you know her or him. Some of the individuals who have fallen into this trap have ended up losing their money by selling their properties at a low price. You will find it awkward saying no to your friend.

Negotiating the agent’s price

Some people believe that these professionals charge very high rates. Some of them charge less than the others yet they are offering the same service. In Canada, agents will charge you a commission ranging from 3-5 % of the property value. Negotiating the commission is very important. Avoid working with a dealer before knowing what he or she charges.

In addition to this, this commission can also be structured to be an incentive. For instance, you can decide to double the commission in case the buyers exceed your price. This motivates the agents to get the highest bidder when they are selling a property. For instance, you will have to pay an average price of $ 25,000 in Toronto. The price has gone up by 100 % over the past one decade.

Get to know how the real estate industry operates

Agents working for the big firms are known for charging a high a price. Agents with big overheads should always be avoided. Such individuals might charge you a high commission to meet their bills.

 

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