Business and Management

Buy Real Estate in canada

The Canadian real estate market is robust and potentially very profitable. Even during the worst economic times of the new millennium, real property in Canada weathered the storm remarkably well.

Plus, there are no citizenship or nationality requirements for owning property in Canada. Indeed, you can live in a Canadian residence on a temporary basis, even without residency or citizenship; though there are immigration requirements for extended stays.

Still, the market is open to real estate investors around the world but to make the most of your investment, it is important to have a solid understanding of taxes in Canada.

Property Taxes

Property taxes in Canada will vary from province-to-province and even depending on the city. The foremost things you need to know is that when you buy property here, you'll have to pay a provincial transfer tax.

Again, this varies between provinces, but you should expect to pay between 1 and 2% of the value of the land property. Sometimes, there are exemptions to this transfer tax; for instance, the first property you purchase in Canada does not carry this transfer tax.

As already said annual property taxes are mandatory and vary by municipality. Based on the assessed value of your property as determined by the market, property taxes include fees for schools, parks, and other community amenities.