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Property in Canada

Property in Canada

Property in Canada

Buying property in Canada

Overall, buying property in Canada is very easy, but market prices have been rising. Today, Canada is a sound but costly investment.

The majority of the Canadian property market consists of houses, with only a few apartments found in the largest and oldest cities. The average resale price of a house in Canada is around $325,000. Generally speaking, the regions of British Columbia and Alberta are far more expensive than the other Western provinces (Saskatchewan or Manitoba).

Likewise, apartment prices are more expensive in Toronto and Vancouver ($330,000 – $400,000) than in Montreal ($190,000).

Can you buy property as a foreigner?

If you have a resident status in Canada, you are allowed to buy property in Canada without any limitations. If you live in Canada less than 6 months per year, you are not a resident by government standards. In this case, you can still open a bank account (which you need to get a Canadian mortgage) and buy property, though some limitations might apply.

Non-resident limitations

British Columbia, Ontario, Quebec, Nova Scotia, Newfoundland and New Brunswick have no regulations on the amount and size of the property that non-residents can buy.

In Saskatchewan, non-residents are not permitted to own land more than 10 acres in size. In Alberta, it is limited to 2 plots and 20 acres in all.

In Manitoba, it is illegal for non-residents to own farm land unless they move there within the following two years. On Prince Edward Island, agreement from the Island Regulatory and Appeals Commission is needed in order to own land over 5 acres in size or that has a shoreline longer than 165 feet.

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Property in Canada

Canada