Canada is the second country in the world after Russia in terms of its area, and there is a very low population density - only three people per square kilometer. The standard of living is consistently high here, and housing prices are more affordable than in the USA or European countries. Located in North America, this country has the longest coastline in the world, which means there is no such battle in the real estate market for the first line of the sea. It is also worth noting that Canada today is a constitutional monarchy (the head of state is the British queen), where English and French are recognized as official languages at the federal level. Once the Canadian lands were French, and then became an English colony. Today, the province with a predominantly French-speaking population is Quebec, while the rest of the country belongs to the English-speaking or bilingual territories.
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This division is very convenient for emigrants - they can choose the part of Canada whose language (along with the corresponding culture) is closer to them. Also, many sympathize with the fact that, since the 1960s, the policy of multiculturalism began to spread on the territory of the country, thanks to which the whole world is represented here today. In many cities, there are neighborhoods with a predominance of a national minority (for example, Chinese, Italian, Portuguese quarters in Toronto and Montreal), festivals dedicated to the heritage of different countries are regularly held.
Buying real estate by foreigners in Canada
Earlier, a program for obtaining a residence permit when buying real estate was working in the country, but the flow of applicants was so large (despite the fact that in order to obtain a legal resident card issued in the shortest possible time, it was necessary to invest their money in premium housing) that Canadians stopped to cope with it and in 2014 decided to close it. The Canadians explained their motivation by the fact that due to the rise in real estate prices, which was fueled by the great interest of investors from abroad, not all local citizens could afford to buy housing.
Also in some provinces, restrictive mechanisms have been introduced against foreign buyers, for example, in Ontario, where in order to contain the growth in the value of houses and apartments for local buyers, they began to levy a 15% tax on the value of housing transactions in the Toronto region from non-citizens Canada. After the cancellation of the program for issuing a residence permit for the purchase of real estate in the country, a unified migration program similar to the American green card appeared, where you need to score a certain number of points to obtain a residence permit. They are charged for knowledge of languages, an invitation from an employer, high qualifications, etc.
In 2015, an electronic system for the selection of applicants for immigration called Express Entry was launched in the country. Its key task is the most objective assessment of foreigners in order to obtain a residence permit in Canada. To use the system, you need to go to the official Internet resource of the Ministry of Citizenship and Immigration Canada, register on the website, pass a series of tests and get an assessment of the usefulness for the country. Holders of a high score from the Express Entry system are almost guaranteed to receive a residence permit. After testing, an invitation to apply for a residence permit is received by email. At the same time, investments can also be the basis for a residence permit - for this, the applicant must prove the existence of an idea and finance for implementation. Investors are required to invest more than C $ 1.2 million (US $ 933,000) in one of the government programs for a period of 5 years.
The exclusion of the reason for the purchase of housing in Canada by foreigners did not affect the decrease in interest in the purchase of housing in this country by foreigners, because the majority considers Canada as a place of emigration, and not as a "summer residence by the sea", etc. Real estate is bought anyway, but the right to permanent residence in this country is obtained in a different way. But it is worth noting that, according to the previous system, foreigners issued a Canadian residence permit when buying real estate with an eye to obtaining a second passport and dual citizenship by naturalization, which is difficult to implement with current programs.
According to a study conducted by the Global Wealth Migration Review, Canada is attracting more and more wealthy people from the EU and China, while Europeans prefer to buy housing in Toronto and Montreal (Quebec), and Asians - in Vancouver. Today, Canadian legislation does not restrict foreigners in the acquisition of housing with the exception of recreational areas, so a citizen of any country can conduct all transactions with real estate in Canada - buy, own and sell on an equal basis with Canadians.
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Real estate market
According to data for 2020, the value of real estate in Canada is growing by an average of 11%. But prices and their growth may vary depending on the region. The highest housing prices are found in the largest city in the country - Toronto. Despite the fact that this is not the capital, it is here that a third of the population of Canada lives, thanks to which the city has become a business, economic, industrial and educational center. It is here that the largest Russian-speaking community is located, thanks to which there are many kindergartens and schools in Toronto for our compatriots. The purchase of a small studio will cost $ 200,000 (hereinafter referred to as US dollars ), a medium-sized apartment - $ 400,000, a townhouse - $ 500,000, and the cost of a private house will tend to $ 1 million.
In metropolitan Ottawa, a relatively small city, property prices are lower - the cost of a one-bedroom apartment is $ 150,000, and a private house with a small area - $ 400,000. In the cultural capital of Canada and the largest city in the province of Quebec, Montreal, the purchase of a one-bedroom apartment in the city center will cost $ 200,000, and the price of a private house is $ 300,000. Vancouver is a key city on the west coast of Canada, it is here that real estate with the most picturesque ocean and mountain views is located. These characteristics significantly affect pricing: the cost of a one-bedroom apartment will be $ 400,000, and the purchase of a house will cost $ 600,000.
Thank you for your help in preparing the material:
Anastasia Lavrinenko, official representative in Moscow of Virani Real Estate Advisors
