Will buying a property in Canada improve my chances at immigration?
Canada is a popular destination for immigrants from around the world. Many people around the world want to immigrate to Canada, but for a sizable group of enthusiasts, it appears to be an impossible task.
As a result, people are constantly searching for alternatives, and one of the most frequently asked questions is whether purchasing real estate in Canada will increase their chances of immigration.
So today we will see whether buying a property in Canada improves your chances at immigration.
Will buying a property in Canada improve my chances at immigration?
Non-residents in Canada have the same property ownership rights as residents, and the country has a relatively open-door policy for foreigners looking to purchase real estate.
Until recently, anyone could purchase real estate in Canada. But, after the Foreign Home Buyer Ban effective from January 2023 the non-permanent residents and non-citizens won't be allowed to purchase residential property for 2 years.
Moreover, if you are considering buying property in the hope that it will help with your immigration to Canada, you are harboring a false sense of optimism. Owning property in Canada is not one of the factors taken into account by the Canadian immigration authorities when making decisions regarding immigration and visas.
However, Canada once had an investor immigration program that let people obtain permanent residency through sizable, interest-free investments in the country's economy. Although this program was discontinued in 2014, Quebec continues to run its own version of the initiative.
Buying a property in Canada does not improve the chances at Immigration
Owning a home in Canada does not impact the selection process. However, if you're interested in finding out more about the immigration process and determining your eligibility to live permanently in Canada, you should think about going to the Citizenship and Immigration website of the Canadian Government.
Last Updated:
2022-12-07
immigration
canada
property
canada real estate
toronto
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Things To Know Before Buying Pre-construction Condo In GTA, Canada
Are you planning to buy a Condominium in the Greater Toronto Area, Canada? Here we discuss few important **Things To Know Before Buying A Pre-construction Condo In** Durham, Halton, Peel, and York region in Canada.
One of the reasons for the development and construction of more condo projects in Greater Toronto Area (GTA) is simply because there is high demand for condos. Prospective condo owners can pre-purchase units before they are developed to help fund the development of condos. There are different advantages to buying condos during the pre-construction stage as they are more affordable than houses.
Buying pre-construction condos is considered a good way to enter the **real estate** market in Toronto. But the process of financing and buying condos is different from buying a resale home. If you are considering buying a pre-construction condo in GTA or [**Toronto sub-urban areas**](https://getnewhouse.ca/blog/10-best-toronto-suburbs-for-families-to-live-and-grow), there are certain things you need to know. This includes the home buying process, the pros and cons and many other crucial factors.
So, read on as we dive into it in this post.
Advantages Of Buying Pre-Construction Condo
-------------------------------------------
### 1\. Minimum Down Payment
When you buy your condo at the pre-construction stage it helps you to purchase one with a minimum down payment while you watch your condo value increase. In other words, you can buy a home at today's price and enjoy your home as the value increases over time.
Normally when buying a pre-construction condo you are required to pay a 20% deposit of the total amount. But the down payment is broken down into installments of 5% which should be paid throughout the construction project. This means you can secure a condo unit with just 5% of the purchase price. The complete payment can run from 2 to 4 years depending on how long the project lasts.
### 2\. Customization Possibilities
Buying a pre-construction condo allows you to build, customize and improve your condo to your preferences and style. The customization you added to your condo can help increase the resale value and also differentiate it from your neighbours. This can help you save money since there is no need to rebuild or renovate.
Also, you can choose the countertops and appliances that will be installed in your unit.
### 3\. Cost-effective
Within the first few years, there will be no need for maintenance since the condo is new when compared to older buildings. Also, the construction will be made with new material which makes your home more energy-efficient. As a result, the cost of utility bills and ownership can be reduced. So, [**new construction condo**](https://getnewhouse.ca/blog/pre-construction-condo-vs-resale-investment-better-gta-canada/) does save on your repair and renovation bills.
Living in a condo means the cost of maintaining the building will be shared among the residents. The cost includes the maintenance of the communal areas, repairs for the building and every other thing that is done on the building in general. This can be of great benefit to those that want a low maintenance home.
Disadvantages Of Buying A Pre-Construction Condo
------------------------------------------------
### 1\. Joint Property
Buying a condo means you are jointly owning a property with other people you might not know. Also, there is a possibility that the people in the neighborhood will keep changing every time. You will only be in control of your unit and the influence you will have in terms of making group decisions concerning the complex will be limited.
### 2\. Various Fees
Apart from the normal fees that you are responsible for such as condo and purchase fees, closing costs and other fees to pay. There are various fees attached to buying a condo and they can vary depending on the amenities in your complex. You will continue to pay condo fees and other dues in case of any development in the complex.
### 3\. Delay or Cancellation of Construction Project
The issue of delay in construction is inevitable. Delays can occur as extreme weather conditions, delays in the supply chain of material or other financial problems. The worse scenario is the cancellation of the construction project which can be a result of different reasons. It could be because the developers are unable to get enough pre-construction buyers, insufficient funds and more. But in case of any cancellation of a project, you don’t have to worry as your deposit will be given back to you.
### 4\. The Process Of Buying A Pre-Construction Condo
One of the most appealing aspects of [**buying a pre-construction condo**](https://getnewhouse.ca/blog/pre-construction-condo-vs-resale-investment-better-gta-canada/) is that you don't have to pay the deposit in full at once. The payment can be done in installments depending on the developers.
Usually, the down payment or deposit should be 20% of the purchase price but the payment can be done within six months. So you can pay 5% of the purchase price to secure your unit and the rest every other month.
### 5\. The Cooling Off Period
Some provinces in Canada impose a cooling-off period after making a deposit payment for a pre-construction unit to ensure you are not pressured to decide as a result of a limited supply of units. Depending on your province it can range from 7 to 10 days during which you are free to back out of the purchase agreement without repercussions. During this time is when you can choose to sign and secure the unit as well as the price if you like the unit.
You don't have to wait that long if you like the place because the price can increase or the units sold out. You have the time to do all the necessary paperwork and means to finance the remaining payment. If you want to consult your lawyer or research the developers or project this is the time for that.
### 6\. Occupancy Period and Fee
During this period buyers can move into their condo before the completion of the entire building. It is also referred to as interim occupancy whereby a buyer can occupy the condo and be paying the builder an occupancy fee.
You may also like to discover [10 Steps to Build a Successful Home Renovation Business in Canada
](https://getnewhouse.ca/blog/steps-to-build-successful-home-renovation-business-in-canada)
Buying Pre-construction Condo: Key Takeaways
--------------------------------------------
Buying a pre-construction condo is not as easy as it seems. This is why you should consider the advantages and disadvantages before making a decision.
When it comes to buying pre-construction condos, location is very important since you will be sharing space with people.
So, if you are planning to invest in **real estate Canada** through pre-construction condos, there are lots of places to buy pre-construction condos in the Greater Toronto area. And if you have made up your mind, don't miss to explore a whole lot of projects at [**GetNewHouse**](https://getnewhouse.ca/). _Discover fresh listings and new range of condominiums to choose from!_
10 Best Toronto Suburbs for Families to Live & Grow
**Are you planning to move to a sub-urban area in Ontario, Canada?** Looking towards The Toronto suburbs, its popular areas you can stay with your family and enjoy? **Here we have covered the Best Toronto suburbs for families to live**. May it be renting or buying a home, these family-friendly neighbourhoods should be on your research list.
About Toronto: The Capital City of Ontario
------------------------------------------
Toronto is one of the most sought-after cities in Northern America. It is a city that has attracted thousands of immigrants, investors, and entrepreneurs. It's well-developed with efficient public facilities for its residents. This has made Toronto a prime spot for real estate investments.
Even though investors know that housing is getting expensive, they still rush to purchase properties in the **Toronto suburbs**. They know that owning property there is a long-term investment that can yield money. If they don't purchase a property now, the selling price will rise in the future.
Nonetheless, not all cities in Toronto have expensive housing. Some Toronto cities have lower real estate prices than other cities. They also provide many housing benefits and facilities to homeowners and their families. Therefore, take this opportunity to purchase some affordable properties in the Toronto suburbs.
You also have a lot of [fun activities to do in Toronto](https://getnewhouse.ca/blog/what-are-best-fun-activities-in-toronto-in-ontario-in-canada-for-adults), and that makes it a popular tourist destination as well.
**Best Toronto Suburbs** for Families to Move in
------------------------------------------------
So, here is an exclusive list of some of the **Best Toronto Suburbs** to choose from.
### 1\. Davisville Village/St. Clair:
It's a quiet town that is the go-to place for families to settle down because it's peaceful and affordable. Working-class people are also attracted to this town. Houses in this town are far less expensive than in other towns. The quietness, homeliness, and less population make it an ideal place to raise a family. It has a park and walking areas for families to enjoy a quiet evening walk together.
### 2\. Kensington Market:
It's a multicultural town that's older and well known than other towns in Toronto. It is the most ideal place for families to live in. It has many streets that boast thrift shopping centers, bars, bookshops, cafés, eateries, and playgrounds. All these are also within walking distance from each other. Moreover, they are easily accessible to the residents of the town. It has commercial areas that are close together.
### 3\. Brampton:
This is a rapidly growing town when it comes to urbanization and real estate. It has schools, innovation/research centers, and shopping centers. The city provides different modes of transport to its residents. The town is not as large as other towns in Toronto, but it is still family-friendly. Due to its small size, it is not as noisy as other towns. It is attracting property investors and developers to develop and invest in the town. If you want a quiet, but affordable neighborhood for your family, Brampton is a good choice.
One of the popular destination for [**new immigrants to Canada**](https://getnewhouse.ca/blog/why-is-immigration-good-for-canada/), Brampton ranks high amongst best Toronto suburbs to live and grow.
### 4\. Etobicoke:
This is a family-friendly town for families in Toronto. It's popular among families that have kids due to its friendly environment. It has more facilities than other towns. There are well-equipped schools, shopping centers, eateries, and different transport facilities. The transport facilities make it easy to take your children to school and for you to go to work. Residents from other cities can easily get access to Etobicoke. Real estate in Etobicoke is cheaper and rapidly growing.
### 5\. Oakville:
Houses are cheaper here, and the town is close to major cities, too. [**Oakville in Ontario**](https://getnewhouse.ca/blog/is-oakville-ontario-canada-good-place-to-live/) has a relatively large population, which has increased the need for more houses. Several investors have taken advantage of this to invest in properties. Your family will not be bored in this town because it has several places of attraction like shopping centers, art centers, and beautiful harbors.
### 6\. Markham:
This is one of the **best Toronto suburbs** and can be found on the northern side of Toronto. The town's population is larger than other towns in Toronto. It is an industrial town that houses hundreds of businesses. You can find many I.T firms, corporate organizations, and research firms in this town. It's a **GTA** town because it's close to major cities in Toronto, hence, it's a prime real estate spot. There is public transport available to take residents to cities within thirty to forty minutes. Therefore, it isn't rare to see people have jobs in the city, but have their residential areas in Markham.
### 7\. Pickering:
This suburb is a **GTA** (Geographical Target Area) in Toronto. It's a small suburb that has a growing population and has seen a rise in property developments. There are freeways in the town that the residents can use free of charge. This makes the town attractive to working families. Pickering is not too far from other cities. Houses in this town are more affordable than in other places in Toronto. As far as safety and standard of living is concerned, [Pickering is a good place to live in Ontario, Canada](https://getnewhouse.ca/blog/is-pickering-ontario-good-place-live-safe).
### 8\. Eglinton West:
Housing in this suburb is cheaper than in other areas. The area is good for those with families or children. There are rail stations and other modes of transport in the area. Residents have access to amenities like malls, eateries, recreation centers, healthcare facilities, sports grounds, libraries, and so on. There are also places of attraction you can take your family to. They are; parks, creek valleys, ponds, and rivers.
### 9\. Vaughan:
This town ranks high on the list of the best suburbs for families. It's another prime spot for real estate developers and investors. It's a rapidly growing suburb that is seeing an influx of residents. The town is an urban area that has various amenities for its population. There's a direct subway that connects to major cities. You can also find high-rise offices and corporate organizations in Vaughan. If you'd like your family to live in this town, then buy a property now before the price increases. It'll also be a form of investment for your family in the future.
### 10\. West Queen West:
This town is more known for providing all facilities and amenities to its residents. It's a cool town that has many recreation centers for its residents of all ages. Furthermore, you can find vintage boutiques that cater to vintage fashion lovers. The town has record shops and art centers that entertain residents and visitors.
You may also explore, [Is Burlington Ontario is a good place to live and settle down?](https://getnewhouse.ca/blog/is-burlington-a-good-place-to-live-ontario)
### **Which is** the Best Toronto Suburb to live?
Now that you have discovered these family-friendly suburbs, choose wisely. Find a safe and good **Toronto suburb** to live in and pursue your dreams. Do thorough analysis of the dynamic housing market and then only make a purchase.
Also, don't miss to learn [**7 Reasons to Live in Stoney Creek, Ontario, Canada**](https://getnewhouse.ca/blog/reasons-to-live-in-stoney-creek-ontario-canada/)
Lots of people are leaving big cities for suburbs due to the cheaper real estate and better environments. So, if you delay now, you might miss the chance to purchase an affordable house for your family. Purchasing a house in any Toronto suburbs also doubles as a form of investment for you and your family.
But wait!! Buying a House involves huge investment! [**Renting or Buying a House in Canada**](https://getnewhouse.ca/blog/renting-vs-buying-home-canada-better/) is indeed a big decision. So, be very careful and consider all the pros and cons of staying at a particular place. Renting for a short period at your selected suburb before actually buying a property therein could be a great way to experience the real situation.
So, which is your favorite Toronto suburb and why so? Do share your views.
Which is The Best Place to Live in Canada for Indian Immigrants?
Are you planning to move to Canada? But wondering, **Which is the best place to live in Canada for Indian immigrants?** Here we present an exclusive list of some of the **popular 6 cities for immigrants to live and settle down**.
No doubt, Canada has been home to the largest population of **Indian immigrants**. Indians even have their street, specific market where you can buy any Hindi, Punjabi, Gujarati, etc. items and foods. Their language and traditions are now making grand within the communities. In fact, some places in Canada, don't let you feel home sick at all. You can follow your beliefs and culture, celebrate and enjoy like you would have done back in India.
For those who are still contemplating which cities to immigrate to within Canada. Here are the most popular cities for Indian immigrants with their skilled and economic resources.
Best 6 Cites to Live in Canada for Indian Immigrants
----------------------------------------------------
So, let's catch up with the details on the top cities for Indian immigrants wishing to move to Canada.
1\. Toronto
-----------
The capital of the Canadian province of Ontario. The most populous city in Canada and the fourth in North America. This is the most popular city for Indian immigrants and over 40% lives there. Because of the plethora of job opportunities available in different sectors like technology, telecommunication, security, financial sector, and healthcare. Also home acquired skills jobs are in high demand like a cleaner, residential cook and more. You also have a lot of [fun activities to do in Toronto](https://getnewhouse.ca/blog/what-are-best-fun-activities-in-toronto-in-ontario-in-canada-for-adults), that also make it a busy tourist destination.
The immaculate public transit system makes it easier for people, especially students to travel around the city and experience its beauty. That includes clubs, malls, cinemas, museums, and historical places.
Remember, Toronto is quite an expensive city. It could really pinch your pocket especially as a new immigrant from India. But don't worry, If you can't afford it here, you can have a look at the [**10 Best Toronto Suburbs for Families to Live & Grow**](https://getnewhouse.ca/blog/10-best-toronto-suburbs-for-families-to-live-and-grow).
2\. Vancouver
-------------
It is the most populous city in British Columbia, located on the pacific coast in western Canada. It is known for its beautiful nature, art scenery, and different thriving location for filming.
The excellent standard of their universities makes the city have numerous international student immigrants. In terms of housing affordability is one of the most expensive cities in Canada and the world but is the most livable city.
For an immigrant that loves to work in service industries, this city is the best option because it's their top tie. Others include construction, tourism, high technology, entertainment, manufacturing, mining, fishery & aquaculture, and forestry.
Temperature degrees won't be the least of your worry because it is moderate compared to other cities.
You may also like to learn about [**Top 10 Real Estate Companies in Canada**](https://getnewhouse.ca/blog/top-real-estate-companies-in-canada-largest/).
3\. Calgary
-----------
Looking from the outside, Calgary might feel like an unusual destination for Indian immigrants whereas thousands of Indian workers and students live there. It is the largest city in Alberta province and the third-largest city in Canada.
In terms of the economy, Calgary thrives in the energy sector and ability switch to a green energy source to meet its energy consumption needs. Other prosperous industries include mining, engineers, mechanical, entrepreneurs, technicians, health, financial service, and tourism.
Calgary tends to receive a lot of snow in winter, which makes it more attractive for Indian immigrants who are not seen or used to snow. Living standard cost is pretty lesser compare to Vancouver and Toronto.
4\. Halifax
-----------
Halifax is the capital province of Nova Scotia and is the largest municipality in its province and Atlantic Canada. Its port is one of the best harbors worldwide and significant in the Atlantic ocean.
Halifax is a major cultural center within its province and a home to many region's major cultural attractions. Such as art galleries, theatres, and museums. It also hosts several festivals.
It is easier for Indian immigrants to get a permanent residency in this province. By using Halifax- Provincial program or the Atlantic Immigration Pilot Program. For immigrants who prefer a place away from hustle and bustle of city life, Halifax is the best option. The temperature is not as harsh compared to other cities in Canada.
5\. Montreal
------------
Montreal is the second-most populous city in Canada and the most populous in the Canadian province of Quebec. It is one of the best place to live and study in Canada because of its several parameters and top-notch university reputation.
For [**new immigrants**](https://getnewhouse.ca/blog/why-is-immigration-good-for-canada/) who want to travel with their families such as Indians who consider family as everything, Montreal is the best place to consider. The city is extremely safe with a low crime rate and holds abundant job opportunities.
Searching for a job or part-time job as an Indian immigrant is not a hassle. The Quebec provincial government also support families with a monthly allowance for their kid. The allowance covers child support for kids below 18, school supplement for children between 4 and 16 years old, and supplements for disabled children.
6\. **Waterloo**
----------------
Waterloo is a city in the Canadian province of Ontario. It is one of the cities with the most cultural diversity in Canada with serval scenic views and places for younger people to have fun.
Indian international students are attracted to this city because of the famous University of waterloo. The majority of Indian immigrant has made this city their home.
Waterloo has a strong knowledge and service-based economy in significant insurance and high-technology sector.
**To sum up**
Choosing **the best place to live** or work in Canada as an Indian immigrant can be stressful. That's the reason we took the step to bring together the best places and their potential. So, do consider one of these top cities for Indian immigrants to settle down.
A New Country, New Job & New Beginning!
Keep in mind, settling in a new country comes with its own challenges! So, whether you are an Indian immigrant or from any other country, it may take some time to establish yourself at a new place. And, finding that perfect destination is not an easy task.
Initially renting a house would be a good decision. But gradually, buying a house may prove economical (only when affordable amidst the sky-rocketing prices in Canadian real estate). Don't forget to find out if [**new immigrants can buy a house in Canada**](https://getnewhouse.ca/blog/can-new-immigrant-buy-house-in-canada/).
Once you find the best place to live in Canada as an Indian immigrant, do share with us. Feel free to add your experiences and feedback.
7 Reasons To Live In Stoney Creek, Ontario, Canada
**Are you planning to move to a beautiful Ontario city?** Here we present some **good Reasons To Live In Stoney Creek, Ontario, Canada**.
Where you live determines the kind of livelihood you will get. You cannot live in an area where crime rate is high and you expect a peaceful life. You can’t also live where there is no standard living and you expect to get one. If you want an area where highly ranked schools, marketplace, train station and great neighbourhood are, you get to choose Stoney Creek.
It’s a place where you get to achieve that dream of a great lifestyle. Do you wonder how beautiful it is to wake up and behold a beautiful natured environment with great serenity and around in it also lies waterfalls, **Stoney Creek i**s the place to live? Also coupled with its beautiful nature, is a modern life, exciting geography and a great history.
Stoney Creek Location
---------------------
It is a community that is located in the city of Hamilton within the Canadian province of Ontario, not far away from Toronto. Commuting in Stoney Creek is never a problem for its residents as it is connected to 403 and 407 highway and Hamilton GO station and QEW.
7 Advantages of Living in Stoney Creek, Ontario
-----------------------------------------------
Here are some of the advantages of living in a sub-urban city like Stoney Creek in Ontario, Canada.
### 1\. Opportunity for A Good Real Estate
From research and collated statistics, Stoney Creek is said to be the most preferred choice for most Canadian citizens and foreigners. You don’t have to go too far or stress yourself about the best house to buy and where to buy it. The most interesting part is, that you get yourself some money, that is if you choose to live in Stoney Creek.
As per records, Stoney Creek has broken records in the real estate development section due to their mountains and Lake Ontario waterfront. This record break has brought about the development of new condos and buildings.
People keep moving from **[Ontario cities](https://getnewhouse.ca/blog/category/ontario-cities/)** to Stoney Creek to have a better life. This area offers more value for your money as you get a bigger house with exciting upgrades at a lesser price as compared to Toronto homes.
Stoney Creek has been since 1984 and in 2001 it was joined with six cities to form the new city of Hamilton. Its rural community consists of Winona, Elfrida and Fruitland. Also, Stoney Creek is 40 minutes drive from Toronto, Ontario.
### 2\. It’s Beautiful Nature
What makes it stand out is the conservation and nature of this area. For example, it has a conservation area called the Devil’s Punchbowl. The waterfall in this conservation area is a beauty to behold, so serene nature. Apart from this, the Niagara Escarpment waterfall is a haven which also encapsulates various other activities like biking, trekking, photography and hiking.
### 3\. High-ranking Schools
When looking before where to settle, one of the factors that should be considered is how good the schools in that area are. Stoney Creek elementary schools are worth mentioning, as they are highly ranked as one of the best schools in Canada. And we all know that placing your child or children in a good school has a lot to do with their growth. The good schools in Stoney Creek have been one of the reasons people keep moving in.
### 4\. Great Canadian History
Due to the war that happened in 1812 when the Americans wanted to capture some parts of Canada which they later lost, a park museum and Battlefield house Museum were established. And due to the victory they had, every year, this battle is re-performed for thousands of spectators. People from various parts just for this reason travel down to Stoney creek for this ceremony. And this is what one shouldn’t miss.
### 5\. Stoney Creek Restaurants
There is nothing good about a city if there are no better restaurants to feed one's stomach. There are lots of great restaurants where you can get various dishes that best suit your cravings at any moment. Restaurants like Edgewater Manor restaurant, Chicago-style Pizza Shack, the Village Restaurant, Punch Bowl Country Market, Canon Coffee Co., Thai Orchid Maria’s fifties diner and lots more.
### 6\. Wineries
This area is known for their wine yards and boutique wineries. They have got some of the best wines in the world. There are various vineyards best known for their great products as they have been in this business for more than 4 decades. There are lots of places to tour and taste wines in Stoney Creek.
### 7\. Movie House
What does ending the day with night movies sound like or do getaway weekends filled with movies? Sounds fun, right? When it comes to entertainment, Stoney creek has it all with their Cineplex Theatres, drive-in movies and their local community theatre also. All the above-mentioned places are enough to grab this great opportunity of owning a home in Stoney creek
Disadvantages of Living in Stoney Creek, Ontario
------------------------------------------------
Here are some of the disadvantages of living in a sub-urban city like Stoney Creek in Ontario, Canada.
### 1\. Routes can be changed at any time
Sometimes, driving downtown can be exhausting. This happens when there are lots of tourists around as they try to alter their traffic lanes just to reduce heavy traffic. This might become frustrating while using your GPS as you might suddenly need to change your route. It might be hard in the beginning but with time, you eventually get used to it.
### 2\. Packed up Tourist Centers
As an introvert, there are some particular times that you won’t want to go out. The waterfall in the area attracts lots of tourists and can be highly packed during weekends. If you want to unwind as an extrovert, Saturdays shouldn’t be a choice; you can choose to go during the week.
### 3\. Bad road caused by Steel
The steel industries in the area deplete the road mistimed thereby, leading to bad roads. Hence, they need to be reconstructed from time to time.
You may also consider [**Oakville in Ontario**](https://getnewhouse.ca/blog/is-oakville-ontario-canada-good-place-to-live/) before taking the big decision of buying a house in a Canadian city.
How is it Living in Stoney Creek, Ontario?
------------------------------------------
Living in Stoney Creek is a great choice as it has exciting places to live, work, and play. The environment with great serenity cannot be overemphasized with a great welcoming community. Stoney Creek as one of **[Ontario cities](https://getnewhouse.ca/blog/top-10-best-cities-to-live-in-ontario-canada)** has got you covered for all your housing needs.
Why are houses so expensive in Canada compared to United States?
Homes in Canada are usually expensive than in the United States, and recent data also proves this point. On an average, a Canadian home costs around CAD 701,815 (USD 562,131), while in the US, this is approximately USD 395,000 (CAD 494,628). Surprising isn't? but there are many factors responsible for this price difference. Let's take a closer look at these factors.
## Factors responsible for higher houses price in Canada
The main factors for higher price of houses in Canada are-
## 1. Higher Demand for Homes
The demand for homes in Canada has been higher than the available supply for years which creates competitiveness in real estate market. This higher demand allows the seller to sell to the highest bidder, sometimes above the home’s current value.
## 2. Low Interest rates
Another reasons for higher house price in Canada is the low interest rates that are set by the Bank of Canada. At present, the interest rate is at a record low i.e., 0.25% which makes it easier for people to get mortgages and buy homes. This has led to a higher demand for homes and, in turn, increased prices.
On the other hand, the US Federal Reserve raised interest rates several times, thereby reducing demand for homes and cooling off the housing market.
## Foreign Investors Interest
Foreign investment has fueld-up the home prices in Canada, particularly in provinces such as Ontario and British Columbia where Foreign investors participate actively. They buy homes here to rent or sell them later for profit, thereby making the market competitive.
According to a report released by Statistics Canada, investors have been behind one-fifth of home purchases since the pandemic started, with the majority of them coming from China. In Toronto, investors account for 22.7% of home purchases in February 2022. To limit investors' purchase of homes and prevent further price increases, some cities have implemented foreigner taxes, such as Toronto's 15% tax on all home purchases by those who aren't permanent residents or citizens of Canada.
## Immigration
Canada welcomes thousands of immigrants every year, and this influx of people increases demand for housing. The country's immigration policies are aimed at combatting population decline, but it also creates pressure on the housing market.
In 2021, Canada announced plans to welcome over 400,000 new immigrants annually. While it's hard to quantify how immigration affects housing prices, the increase in demand due to new residents and their families seeking homes has undoubtedly contributed to the country's high housing prices.
## Why are houses so expensive in Canada compared to United States?
The main factors includes, the high home demand, low-interest rates, foreign investment, and immigration which is not the case in US. But there are plus points of these factors also, i.e., they are also driving growth in the real estate industry, making it an attractive investment opportunity for those who can afford it.
Who can buy real estate in Canada?
In recent years, the Canadian real estate market has attracted global attention, with many foreign investors hoping to invest in the market as a place to park their money as well as for potential rental cash flows.
Additionally, Canada is a well-liked destination for immigrants, and many of them intend to settle there by purchasing real estate. However, there are a few things you should be aware of before attempting to purchase a home in Canada, whether it be for investment purposes or as a primary residence.
## Who can buy real estate in Canada?
Canada did not have any restrictions for non-residents willing to purchase a property until recently. Anyone is free to purchase any number of homes they desire. But in some parts of Ontario, including Kingston, Toronto, and Ottawa, among others, a non-resident is charged a 15 percent non-resident speculation tax on any property they buy with interest.
In addition, a non-resident must put down 35 percent of the purchase price in cash, with the remaining 65 percent being financed. And it usually takes between 60 and 90 days to complete the home purchase. It might only take a month if the house is empty.
## Is there any restriction on buying property in Canada?
The federal government included the Prohibition on the Purchase of Residential Property by Non-Canadians Act (the "Act") in its 2022 budget in an effort to lower housing costs. The law forbids non-Canadians from directly or indirectly purchasing residential property in Canada for a period of two years. It received Royal Assent as part of Bill C-19 on June 23, 2022, and is anticipated to go into effect on January 1, 2023.
Although some of the ban's most important elements have not yet been decided and will be covered by additional regulations (the "Anticipated Regulations") later this year.
## Buying real estate in Canada
In Canada, there are no restrictions on purchasing property as of 2022. However, the foreign home buyer ban is going to be implemented to control the soaring Canadian real estate market. Anyone, whether they are a resident or not, is eligible to purchase real estate in Canada as long as they meet the requirements and submit the required paperwork.
Why to invest in Grimsby in Ontario, Canada?
Canada's real estate market is full of opportunities for those who are clear about their investments, know the Canadian real estate market and know when, why and where to invest. It also presents a unique opportunity to make consistent income through long-term appreciation, rental income, and property value growth. But it's not that easy also, because the real estate market is continuously changing, particularly in Ontario cities, it's important to carefully research, the current trends and demand.
So, today we will make it easy for you to invest in Grimsby in Ontario, Canada and will find out why to invest in Grimsby in Ontario, Canada? So, let's dive in!
## Grimsby-a town in the mid of magnificence
Grimsby, Ontario is a small town with big heart, and its beauty is enough to attract the visitors and the people living here. The town is between the sparkling waters of Lake Ontario and the glorious Niagara Escarpment, an UNESCO World Biosphere Reserve. The majestic Escarpment provides a beautifully unique and diverse eco-system, with its rich forests, which are home to many species of plants and animals.
One of the best ways to feel the beauty of Grimsby is by taking a climb on the Bruce Trail, that offers breathtaking views of the lake and the place surrounding it. This town also have a few parks and conservation areas, like, the Grimsby Beach Park, that offer a variety of recreational activities like swimming, fishing, and picnicking, that will never ever let you get bored.
## Grimsby- a growing commercial hub
Grimsby, Ontario is a town that is rapidly becoming an ideal spot for business and retail investment. Situated among Hamilton and St. Catherines, this town is surrounded by natural beauty and offers simple easy access to big cities and their amenities. Also the town's abundance of craftsmanship, history and culture, as well as its growing populace, have drawn attention of many businesses to the area. More that sixty-five businesses are thriving in the prompt region, providing ideal business space and a consistent stockpile of customers. Tourists and customers are attracted by the town's beauty, warm heritage and convenience.
Not only this, but Grimsby also provides the local businesses access to a talented and educated labor pool, making it simple for them to hire the best people. The average household income is also estimated to be around $92,038 because to the region's expanding economy, which make makes it easy for the people to live comfortable life.
## Grimsby- from transit convenience to top-notch educational institutions
When it comes to the transportation, Grimsby offers easy access to highways like the QEW and the 403, making it a perfect location for both the people living here and the businesses. The town also has a GO Travel station, which provides people with easy access to the Greater Toronto Area. Public transportation within the town is additionally advanced, making it simple for people to get around.
Grimsby is additionally home to various fantastic schools, from elementary to secondary school like West Niagara Secondary School, Central French Immersion Public School and Grand Ave. Public School, providing a good and quality education to the children of the community.
## Grimsby - among Top-10 Cities for Real Estate Investment in Ontario
The Real Estate Investment Network (REIN) in 2018 released a report that recognized Grimsby as one of the top-10 spots in Ontario to invest in real estate. The report, which considered 36 financial and market factors, ranked Grimsby and St. Catharines as 10th overall on the list of communities with potential for housing market strength over the next five years.
The report says that the Grimsby is in a recovery mode, opening opportunities for buying and holding real estate and fixing and flipping.
## Why to invest in Grimsby in Ontario, Canada?
Investing in Grimsby, Ontario, Canada can be a savvy move for your future because of different reasons. One of the main reasons is the potential for appreciation in property value. Grimsby is a growing community with a solid economy, which can prompt an increase in property value over the long run. And imagine you buy a property in Grimsby, you might see a good profit from your investment in the long-term.
Furthermore, Grimsby, Ontario, Canada presents an extraordinary chance for real estate investment. Its regular magnificence, growing business center, convenient transportation, and top-notch educational institutions make it an appealing location for the both the occupants and businesses.
Also, the REIN has identified Grimsby as one of the top-10 spots in Ontario to invest in real estate, further solidifying its potential as a brilliant investment opportunity. So, what are you waiting for? Everything is sorted, the only thing required is well-planned investment strategy and thorough research. After that you can tap into the town's promising opportunities for long-term profit, rental income, and property value growth.
Can New Immigrants Buy a House in Canada?
Are you a newcomer wondering, **Can a new immigrant buy a house in Canada?** We have the answers to your query.
Moving to Canada with your family is a big step, and buying a new home there can be challenging. That is why many banks and lenders offer mortgage options for **new immigrants** to help them get settled. According to reports, the rate of immigrant homeowners has surpassed Canadian-born counterparts. Therefore, buying your own home as an immigrant in Canada is achievable.
Nothing beats the feeling of getting the keys to your first home in Canada as a new immigrant. But empowering yourself to make the best decision about your new home is very important.
What is an Immigrant Mortgage?
------------------------------
An immigrant mortgage is a special [newcomer mortgage program](https://fintrakk.com/mortgage-new-immigrants-canada-newcomer-programs/) offered by banks for new immigrants in Canada. These programs help them get a mortgage even when they do not meet the requirements for a regular mortgage. New immigrants in Canada are allowed to buy a home, even if they have just immigrated to the country.
They also qualify for a mortgage as long as they meet the standard financial requirements. As a new immigrant, navigating the rules and regulations can get overwhelming. So, we have put together a detailed guide to everything you need to know about buying a house in Canada.
Why it's difficult for New Immigrants to get Mortgage approved?
---------------------------------------------------------------
Things are not that easy as they seem to be! As a [**new immigrant to Canada**](https://getnewhouse.ca/blog/why-is-immigration-good-for-canada/), it's difficult to get your mortgage approved. Let's see why so.
### 1\. Lack of Canadian Employment History
One of the requirements for eligibility for a regular mortgage in Canada is Canadian employment history. Many banks want to ensure you’ve been working in the country for at least two years. These show that you have a stable level of income.
### 2\. Canadian Credit History
An established credit history shows how consistent and responsible you are with your finances. Banks need a credit report to see how you handle your debt. They want to know if you have missed any payments or made late payments. So, new immigrants with no credit history can face challenges.
Eligibility for a Mortgage as a New Immigrant in Canada
-------------------------------------------------------
Let's see how new immigrants are eligible to get mortgage approval.
### 1\. Migrated to Canada within the last 5 years
You must have immigrated to Canada within five years to be considered a new immigrant. Have you been staying in Canada for more than five years? If yes, you are no longer considered a new immigrant.
### 2\. Established Legal Status in Canada
New immigrants with a temporary or permanent residence are eligible. Those with a non-permanent resident with a work permit are also eligible.
### 3\. Working full time for 3 months
New immigrants do not need to have two years of employment history to get a mortgage. However, they must have at least three-month full-time employment history. You will need at least three months of full-time employment history. These laws exclude those that are relocated to Canada by their current employer.
### 4\. Have a 5% Down Payment
A 5% down payment is mandatory for a new immigrant to get a house in Canada. These down payments also vary from one agent to another. For example, some lenders may require a higher down payment if the house price is over $500,000.
### 5\. Meet Qualification Ratios
Your debt service ratio shows the percentage of your income that pays your debt. The higher this ratio, the more difficult it is to get a mortgage. This is because you are spending more of your income on service debt.
How to Buy Your First House in Canada?
--------------------------------------
Are you wishing to buy your first house in Canada? Here are few things to guide you.
### 1\. Have a Budget
According to reports, the average house prices have sky-rocketed in Canada in the past few years. This price is due to the astronomical cost of houses in places like Vancouver and Toronto. However, the price of houses are cooling down a bit due to [**high benchmark interest rates**](https://getnewhouse.ca/blog/what-are-best-fun-activities-in-toronto-in-ontario-in-canada-for-adults) and other regulations.
Keeping this in mind, new immigrants must have a budget when opting to get a house mortgage. They should know the down payment and monthly housing payment they can afford. Therefore, having a solid budget helps you understand how much house you can afford.
### 2\. Mortgage Approval Process
Mortgage approval helps estimate your potential mortgage payments. The process of getting a mortgage approval varies from state to state. It also depends on your eligibility. Most banks and mortgage lenders approve the maximum loan you can qualify for. So it is important to understand the requirements at your stage.
New immigrants must provide their income, assets, debts, and current employment information to get approval. After submitting this information, the bank or lender will evaluate the application. The application will be approved if they are qualified and rejected if they are not.
### 3\. Search for a Perfect House
It is time to search for your dream home. Your mortgage approval often determines the kind of house you will search for. As a newcomer, it is advisable to partner with an experienced real estate agent. Ask your neighbours and friends if they know any trustworthy realtor that can help you through the home buying process.
### 4\. Get Home Inspection Done
Home inspections help protect the buyer from any potentially serious and dangerous problems in the building. Therefore, it is paramount. But you will need to pay a fee to inspect the house. Your realtors or mortgage lenders can help you find a qualified home inspector if you don't have any. And yes, home inspection is very crucial part of the buying process. So, don't think of missing it out to save some money!
### 5\. Make an Offer
After inspecting the house, it is time to make an offer on the property. Making an offer in Canada requires putting down a deposit. However, this deposit is different from your down payment. The deposit shows the seller you are serious about buying the property. Your deposit will be added to your down payment when you close on the house. But it is non-refundable if you walk away.
### 6\. Sign the Papers
Buying and finalizing your house mortgage requires a lot of paperwork. You must first finalize your financing options and get your mortgage formally approved. These can be completed within a few weeks. Ask your realtor for help when navigating through the paperwork to ensure transparency. And here you are ready for getting the possession of your dream house on closing day!
Buying Home as a Newcomer to Canada
-----------------------------------
Canadian banks keep on updating their eligibility requirements with the newcomer mortgage program. So, you must be aware of the latest changes applicable. But, you will need to meet the basic criteria of [**home buying in Canada**](https://getnewhouse.ca/blog/renting-vs-buying-home-canada-better/) before fulfilling your housing dream.
Will The Housing Market Crash in Canada? Reasons
Looking at the current scenario, you might be wondering, **Will The Housing Market Crash in Canada?** Not sure, which way the Canadian real estate market is heading? Here we discuss how the housing market boom is winding down and how it impacts home buyers and sellers.
Canadian Housing Market
-----------------------
Analysts say that Canadian household prices will fall by up to 20% this year as rising interest rates impact the country's thriving real estate industry.
Mortgage rates are expected to rise once more as the Bank of Canada vigorously raises interest rates to combat spiraling inflation. Economists predict that higher borrowing rates will cause significant price drops in some of the most volatile markets.
The COVID-19 pandemic sparked a surge in activity in the Canadian housing market. The combination of lower interest rates and historic fiscal support urged many Canadians to update their accommodation.
As a result, nearly all metrics of housing market activity skyrocketed. The increase in housing-related borrowing, expenditure and investment helped prevent worse economic and financial outcomes during the subsequent recession.
Recent Boom in The Housing Market
---------------------------------
Who could have anticipated that a global pandemic would be sending the Canadian real estate market into hyperdrive? After breaking sales numbers across the country in 2020, those records were broken again in 2021, as demand continued to surpass the number of available properties, pushing up costs.
Add in rising inflation, and it will take "years" for the market to rectify itself and come back to pre-pandemic levels, according to the government's December financial update. With each passing month, Canada's red-hot property market rages on, showing no signs of abating.
More than 580,000 residences were bought and sold in the first ten months of 2021 alone, outpacing the total for the entire past year, when a record 552,423 homes changed hands. Overall, the nationwide MLS Home Price Index ended the year up a record 25.3% from the previous year.
How The Canadian Housing Market is stabilizing?
-----------------------------------------------
The real estate market is now displaying signs of cooling. In September, house price appreciation slowed to its weakest pace in seven months. Permits to build and home sales appear to have exceeded in March, with data from the previous five months indicating a visible slowdown.
Furthermore, raw material prices are responding to normalizing demand. The second-quarter GDP report revealed a significant decrease in commissions and fees regarding sales activity. It is coherent with Canadian Real Estate Association data, which shows a 15% year-over-year decrease in total transactions. The market's supply side is becoming depleted. The COVID-19 crisis drove many Canadians to purchase new residences, with low-interest rates and a flood of fiscal assistance inspiring high demand.
Aside from the historically low borrowing rates, pandemic-induced shifts in choices drove potential buyers to seek out larger homes. However, with the mass acceptance of vaccination and adjusting to the new normal, this dynamic appears to be nearing its end.
House price growth is now starting to slow. Increases in new-home prices over the previous year peaked in May. Interest rates remain expected to rise as the Federals reduce its capital spending.
It is anticipated that the bank's monetary stimulus programs will end in early 2022, but lawmakers will allow investments to mature off the income statement rather than engaging in a full hinge of selling securities. The end of the programs will mark the first interest rate inflexion point.
Factors Contributing to Slowdown of Housing Boom in Canada
----------------------------------------------------------
Some of the crucial factors to note are:
### 1.Rapid growth in the last two years
One of the main reasons people see the Canadian housing market bubble as an obvious danger right now is the market's speed over the last two years. While prices have been rising for decades, we saw an unparalleled acceleration in 2020 and 2021. Simultaneously, interest rates were good enough to allow Canadian consumer debt to reach new highs, making us even more susceptible to potential economic shocks.
There is the psychological component that has been observed in recent years of people wanting to buy for fear of being left out. Not only were valuations high, but so were sales, implying that an even larger number of people purchased at high prices. While there are aspects like the mortgage stress test, there are ways around them, and these high-risk loans combined with amazingly high debts could spell trouble when interest rates rise.
### 2.Prices still have room to slip.
A drop in house values is one of the factors that has been widely anticipated for the next year or two. RBC Economics recently estimated that home price growth would slow through 2022 and that home prices would fall in 2023. Higher interest rates are already impacting urban centers like Toronto, where prices are falling after reaching a peak.
A drop in housing values is not the same as a bubble burst. A slow decline is preferable to continue price increases. What this does show is that there is a very real possibility that the market will falter. Things will not be as bad if the price decline is well handled and incremental.
### 3.Interest Rates and Rising Prices
With record-low interest rates over the last two decades, the Canadian economy escaped the pandemic relatively unharmed. However, it also increased inflation, and we are now facing the consequences. House prices are already beginning to react as the [**Bank of Canada raises interest rates**](https://getnewhouse.ca/blog/what-does-higher-interest-mean-for-housing-market-in-canada). However, there is still plenty of unfulfilled demand to keep prices rising for the time being.
As interest rates increase to fight inflation, there is a risk of a recession, which could significantly reduce activity in the Canadian market and cause many to offload, causing the market to fall. Again, it all boils down to how quickly changes can occur.
### 4.Government Rules and Regulations
One of the most recent notable slowdowns in Canadian home prices occurred in 2016 and 2017 when government agencies enacted a slew of new housing restrictions to help stabilize the market. The new changes were effective for a time until home values began to rise again. This demonstrates, at the very least, that government regulation can affect buyer sentiment.
Will Canadian Housing Market Crash?
-----------------------------------
While the Canadian bubble could erupt this year, it appears to be a less likely scenario overall. The prices are stabilizing a bit, but the housing supply issue still exists. With massive number of immigrants pouring in the coming years, it would be interesting to watch this price correction. After all, [**new immigrant home buying**](https://getnewhouse.ca/blog/can-new-immigrant-buy-house-in-canada/) dreams become even more stronger after being here for sometime. And, houses are in limited supply!
That being said, no one can predict if the market will crash or simply stabilize. Rising inflation, high interest rates coupled with reduced purchasing power will definitely impact the prospective buyers.
However, as an investor, it is critical to understand the possible routes you may take. So, prepare and capitalize on opportunities while safeguarding yourself from losses.
Observe the ongoing changes carefully and take wise steps in the dynamic Canadian Housing Market. _Wishing to share your opinion on the trending housing market in Canada? Fee free to discuss here._
Pre-construction Condos vs. Resale: Which is better investment in GTA, Ontario?
Are you thinking of buying a new home in Greater Toronto Area (GTA), Ontario, or any place in Canada for that matter? **Pre-construction Condo vs Resale: Which should you invest in?** This is a common question that comes to your mind while taking such a big financial decision. We are here to reduce your home buying stress and provide information on the **hot and trending housing topics** in Canada.
_"Congratulations on purchasing your new home"_ is a comment many people hope to hear. Owning a property is an achievement and a milestone. However, many people are confused about purchasing **real estate** properties. Should they go for a pre-construction or under-construction property or a resale property?
To clarify this situation, **a pre-construction house** (talking of condos here!) is **a house yet to be constructed or undergoing construction**. While **a resale house** is **a property that has been constructed** and buyers can pack in after payments.
Pre-construction Condos vs. Resale
----------------------------------
Now, let's check out **pre-construction condo vs. resale properties** to see which is better.
**Benefits of Purchasing a Re-sale Property**
---------------------------------------------
* **Its Tangibility:** Re-sale is tangible because prospective buyers go visit the properties to get a feel of the layouts. You can also physically assess the size of the buildings you want to purchase.
* **Affordable Deposit:** Re-sale deposit is cheaper than other properties. It is popular among those interested in **real estate in Canada**. Additionally, you only make the deposit once.
* **No Additional GST Cost:** Buyers don't need to pay additional GST after completion of the house.
* **Property Transfer Tax Exemption:** Residents of Canada who meet all tax exemption criteria are exempted from paying resale tax. They are exempted when they buy properties worth at most $500,000.
**Cons of Resale Properties**
-----------------------------
* **The properties are used properties:** Resale properties are mostly lived-in properties or used properties that the owner wants to sell. Because of this, some buildings might have old-fashioned styles.
* **Need for Renovation:** Since resale houses are old houses, new buyers need to renovate the buildings to make them look new. They might also need to change the decor inside the buildings.
* **Not easy to customize:** It isn't easy for you to change the decor, floorings, lighting, and so on.
* **No fixed payment:** No Fixed price means price negotiation is possible. However, this is also disadvantageous. Sellers can decide to organize bidding events where buyers compete to win the bid. Buyers may even purchase these properties at a price more than the original selling price.
You may also like to learn about **[Home Inspection Tips - Red Flags to Look for!](https://getnewhouse.ca/blog/home-inspection-tips-first-time-homebuyers-red-flags-to-look-for)**
**Pros of Pre-construction Condos**
-----------------------------------
* **New Properties:** Unlike re-sale properties, pre-sale condos are newly constructed or undergoing construction. Therefore, the structures and designs are new and modern-looking.
* **Easily Customizable:** If you purchased a [**pre-construction property**](https://getnewhouse.ca/blog/things-to-know-before-buying-pre-construction-condo-in-gta-canada), you have the power to suggest changes while construction is ongoing. You can decide to change the floorings, ceiling patterns, color schemes, cabinets, and so on.
* **Long deposit period:** The gap between one deposit and the next increases. This makes it easy for buyers to spread their payments and meet up with the payments.
* **Property Transfer Tax Exemption (PTT) for Canadian Citizens or Residents:** Residents of Canada who meet the tax exemption criteria are exempted from paying presale tax. For newly built homes, the PTT exemption is for purchase price of $750,000 , on the higher side as compared to resale condos. So, if you are an eligible purchaser, you can enjoy some extra benefits.
**Disadvantages of Purchasing Pre-construction Condos**
-------------------------------------------------------
* **Intangible:** Purchasing a house that has not been built means you can only see the house plan. You can't physically visit the site to check out the house because it has not been built yet. The builders may decide to change the house measurements to differ from what you were initially shown.
* **Suddenly Rise in Interest rates or Mortgage Price:** Presale is different from resale properties where payment is a one-time or two-time payment. Presale payments can extend to two years or even ten years. The long payment time is quite risky because many things may happen to increase your mortgage. The [**interest rate**](https://getnewhouse.ca/blog/what-does-higher-interest-mean-for-housing-market-in-canada) in presale properties may increase suddenly.
Other factors may also contribute to your inability to complete the payments. For example, you may become unemployed after paying the initial deposits. Without a job and an income, you can't meet up with the mortgage. The tax rate on properties may increase a year after you made your initial deposits. All of these contribute to the inability of some people to meet up with their payments. If you are unable to complete payment after construction is completed, you may lose the property.
* **Expensive Deposit:** Presale deposits are three to five times higher than resale deposits.
* **Extra Charges:** Presale buyers must pay extra charges like GST charges.
Pre-construction Condos vs. Resale: Which is better?
----------------------------------------------------
After weighing the benefits and disadvantages, choosing re-sale or pre-sale hinges on the buyer.
Are you sure you have the fund and the patience to wait? Then go for pre-sale condos that have modern looks.
However, if your source of funds is not sure and you don't want to wait, go for resale properties. Resale property is a safer option, and there is a guarantee that you will pack in after payments.
Which one would you prefer, investing in a [**new pre-construction property**](https://getnewhouse.ca/blog/is-new-construction-good-investment-property-ontario-canada/) or a re-sale one? The final decision is your, so make it wisely.