Consider the reasons for choosing Canada.
1. Before booking did you know that increasing numbers of people worldwide are choosing Canada as the location for their second home, attracted by its spectacular scenery, laid-back lifestyle, political and social stability. Canada has weathered the global recession better than almost any other developed economy in the world, the government put aside money when times were good and there was a budget surplus for 12 years. Travel and increasing coverage by low-cost airlines are also considerations.
2. Before booking know that those contemplating the purchase of a second home, resort, hunting/fishing lodge or B&B will consider travel time and overall cost to govern the choice of a location. Canada is the world’s tenth most popular tourist destination but still offers great potential for growth. Resort developments is now big business. More and more Investors are seeing the advantages of buying potential resort or lodge properties. Many of them are skiers frustrated by the costs and crowds of European skiing. However, most resorts, even those offering winter sports, are now year-round, with family-oriented attractions. As a bonus, build quality is generally high and capital appreciation tends to be excellent.
3. Before booking know the rules and regulations for buying a property. Regulations on property purchase vary throughout Canada, so it is important to find out about them when you are researching an area. In British Columbia, for example, there are no restrictions on foreign ownership, provided you spend less than six months per year in Canada.
4. Before booking prepare to meet the costs. Transactions costs in Canada, while varying from province to province, usually comprise between 4.7 and 11 per cent of the property price, making it one of the cheaper places to buy from a fees perspective. A Goods and Services Tax (GST) of 7 per cent and a Provincial Sales Tax (PST).
5. Before booking know how you plan to finance your purchase. When working out how to finance your purchase, consider all the options. Paying cash, if you can afford to do so, is often recommended.
6. Before booking sort out your passports, visas and residency.
Passports and visas – To enter Canada as a visitor, you must be in possession of a standard 10-year passport. Visas are not generally necessary, though there are some exceptions. Non-residents can spend up to six months per year in Canada.
Residency – Permanent resident status gives a non-Canadian the right to live in Canada. Certain residency obligations must be met in order to maintain it. Those desiring permanent residence must apply for landed immigrant status. As this is a complicated process, it is wise to consult a lawyer specializing in immigration.
7. Understand the available communications.
Telephone – An excellent service is provided throughout Canada, using modern technology, through a number of national and provincial phone companies. Coin-operated telephones are available in many public places, and pay phones accepting major credit cards are increasingly common. Nearly all the phone companies produce pre-paid phone cards for domestic and international use.
Internet – Most major cities and even some smaller towns now have Internet cafe’s. Many large hotels, public libraries and other establishments also offer Internet access.