Immigration queue
Vancouver's primacy is easily explained. The city is located in a good location - between the mountains and the sea; it is clean and modern, its population is only 2 million people, so there is much less crowding and bustle than in other megacities. However, the population is growing rapidly: over the next five years, the number of Vancouver residents is projected to increase by 1 million people. And this is despite the fact that immigration rules in Canada are quite strict, and decisions are made for a long time – for three years. And yet, moving to Canada is much more realistic than in the USA.
According to Canadian immigration policy, up to 500,000 people can enter the country each year. There are several relocation programs, the most common of which is professional. There is an official list of specialties that are in demand in Canada, so a specialist with experience and good recommendations has a good chance. Those who intend to invest in the Canadian economy or run their own business can use the business immigration program. There are also family immigration programs and special programs for individual provinces.
But soon the fairy tale takes its toll - and it takes a long time to do it. The process of collecting all necessary documentation can take up to six months, and its volume can reach 250-300 pages. Recommendations from the present and all previous jobs are required, copies of all diplomas of education, including a high school graduation certificate. It may even require testimony confirming the sincerity of the relationship between the spouses. And, let us remind you once again, the time for reviewing a request can be up to 3 years!
Obtaining an immigration visa is the only problem for a foreigner who wants to purchase real estate in Canada. As soon as he has lived in Canada for more than six cumulative months in a calendar year, the authorities consider him a resident, after which he can open a bank account, apply for a loan and buy real estate. Strictly speaking, if the buyer owns free funds and is ready to pay for the purchase on his own, without bank loans, then he does not need an immigration visa – there are no legal restrictions on the purchase of real estate by foreigners in Canada. Moreover, a non–resident can also get a loan - but in this case, both the interest rate and the deposit amount will be very high.
Reasonable price increase
Real estate prices in Vancouver are reasonable enough, but they are constantly rising. According to the Real Estate Board of Greater Vancouver, the average cost of a detached house has increased from $270,000 to $570,000 since 2000. The average cost of apartments increased from $90,000 to $280,000 over the same period.
One of the most expensive and prestigious destinations is West Vancouver, a suburb of Greater Vancouver, where the exclusive quarters of the British Properties district stand out. Its buildings, located high above sea level, offer stunning views of the mountains, the ocean and the Vancouver's sleek skyscraper, built in the New York style. The cost of a four-bedroom house in 2005 was $850,000 here. Another example is a two–storey house with an area of 168 sq. m, with three bedrooms, two bathrooms and a large territory, costs $660,000. The dynamics of price growth is perfectly illustrated by such an example: a house that was built in 1993 and sold for $610,000 at the same time, was bought in 2004 for exactly $ 1 million and sold again in 2006 for $1.4 million.
Despite the prices, the investment attractiveness of the British Properties area is high – further growth in property values is expected here. The area attracts family buyers – some of the best schools in the area are located here, from here you can quickly get to the center of Vancouver, among the advantages is the proximity of the mountains.
Other attractive areas in West Vancouver include Ambleside, Horseshoe Bay and Lions Bay, where beautiful views can be seen from almost every window. These areas are very popular with British and American buyers, and real estate there was not too expensive until recently. Now prices are really starting to rise. One of the houses in Lyons Bay, which cost $360,000 four years ago, has doubled in price.
City and satellites
There are also very popular areas in the western part of Greater Vancouver, such as Point Grey and Shaughnessy, where some of the best schools in Vancouver are located. Large mansions cost up to $9 million here. A more affordable and very popular choice is Kitsilano, where small houses ranging from 53 to 76 square meters are offered at prices from $300,000 to $340,000. This area is very fashionable among young professionals who can easily reach the city center on foot, by bike or by bus. Here, nearby, is the campus of the University of British Columbia.
Buyers who are willing to take a long time to get to work may be interested in the satellite city of Port Moody, east of Vancouver. The trip time to the city center is about an hour, so spacious family houses with large gardens and balconies are usually built here, their average cost is about $680,000. This is an incredibly popular place – people literally sleep outside in cars to be first in line when real estate agencies start selling a new complex here.
For about the same budget, you can buy houses in the Sunshine Coast area, located 40 minutes away. by ferry from the city center. This area is especially liked by those who work from home or who do not need to be in the city every day. Over the past five years, prices have increased more here than anywhere else in Vancouver.
Those who are looking for an even more affordable and at the same time profitable investment should pay attention to the eastern part of Greater Vancouver, which is traditionally inexpensive. Recently, a large-scale reconstruction was carried out here, which is especially noticeable in the Mount Pleasant area. This eclectic area attracts young professionals, followed by investors, so over the past three years, it has seen the most significant increase in property values compared to other parts of east Vancouver. Despite the price increase, apartments in the area can still be purchased for prices starting at $100,000. For example, a newly renovated apartment with one bathroom and one bedroom, with an area of 64 sq. m. m and with a sunny balcony, it was recently sold for $192,000.
Check the license!
Most buyers use the services of real estate agencies or licensed private realtors when searching and buying real estate. Despite the fact that the seller pays for the work of realtors, they must also represent the interests of the buyer in the best possible way and ensure that he does not overpay for real estate. If the realtor works dishonestly and overestimates the value of the property, his license may be taken away, so that the buyer feels safe during the transaction.
First, you need to prepare a Purchase Offer. It must be carried out in writing in such a way that all the details of the proposed transaction are completely clear. It is important that the agent includes at least two conditions in the offer. The first is to conduct a construction inspection, which will allow you to refuse to purchase if serious construction defects are found. The second is the possibility of canceling the transaction if the buyer fails to receive proper financing from the bank. If these two points are not included in the purchase offer, then the seller's consent actually means that the transaction has been completed and the buyer no longer has a way out. Note also that sellers have the right to accept a "duplicate" offer in order to protect themselves in case the buyer fails to attract bank financing.
Financing a deal itself can be even more difficult than finding a property. The fact is that in order to get a serious loan, you need to have a credit history. Perhaps no other country in the world has such a developed centralized system of credit bureaus, so any debt on loans, fines, etc. immediately becomes known and serves as an obstacle to financing the purchase of real estate.
A notary is involved only at the end of the transaction, his task includes a legal analysis of the Purchase Offer, registration of mortgage documents and final refinement of the details of the transaction. However, a good attorney is just as necessary as an experienced real estate agent, financial agent, and licensed real estate inspector.
The list of additional costs for the purchase of real estate opens the acquisition tax, which is 1% of the first $ 180,000 plus 2% of the remaining value of the property. When buying a new house or newly renovated secondary housing, a 7% goods and services tax is paid, and for those who paid less than $410,000 for real estate, there is a 2.5% discount. The cost of lawyers' services on average is $700-1100, a construction inspection will cost $130-400.
Although not every person who wants toto immigrate to Canada, the first thing he thinks about is buying in Vancouver, but it still makes sense to pay attention to the possibility of buying real estate here. This is an extraordinary city, adjacent to mountains and the sea – few megacities can boast of such a combination. It is a cosmopolitan city, clean, friendly and calm. There are real summers here, but not too hot, and a good snowy winter. What else is needed for happiness?
