Investing in real estate in Canada has gained traction other citizens who live in Canada, given that property can be purchased and sold by non-Canadian citizens.
If you are living in any country, you should contact a real estate consultant in Canada and shortlist properties. The best way to do this is by asking friends and family members to recommend one. Relations usually charge between three and seven percent of the value of the property.
If you plan to rent the property, a property manager will help you find prospective tenants, collect rent and ensure that the property is maintained while you are away. Property manager's fees usually include the first month's rent and seven percent of the monthly rental thereafter.
People who are not living in Canada are required to pay the entire purchase price for the property at one go.If you are staying in Canada on a student visit or work visa, you can view and purchase properties and contact a real estate consultant or property manager.
To purchase property, you can either buy it upfront or apply for a house loan of up to 65% of the property's value. The remaining 35% will have to be paid as a down payment. The mortgage period varies between 10 and 30 years, interest rates range from three to five percent.
Popular property options for the other citizens people are located in areas near Toronto, and include Brampton, Markham, Mississauga, New market, North York, Scarborough and Vaughan. Further from Toronto, cheaper options are available in northern towns including Aurora, Bradford and Barrie where both houses and farmland are available.
Approximate purchase prices and monthly rental rates for properties in these rates are:
Type of property Purchase Price Monthly Rental Rate
Houses with basements (1700-2700 sq ft) CAD 350,000-450,000 CAD 2,000-2,500
Condominiums (one to two bedrooms) CAD 250,000-350,000 CAD 1,000-1,800
100-Acre farmland with
a farmhouse & Barns CAD 1.2-1.6 million CAD 4,000-5,000
One Acre Farmland CAD 12,000-28,000 N/A
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