Basic Facts - Buying Process - Costs
Visa / Residency - Health

Basic Facts

Population: 33 million
Capital: Ottawa
Native Language: English & French
Currency: dollar (CDN)
Dialling Code: +1
Emergency Services: 911
Embassy in UK: www.canada.org.uk

Buying Process

• Most provinces have no restriction to foreign ownership, although some do limit the amount of land or property a non-resident can own.
• When the buyer has made an offer in writing, both parties sign a preliminary contract. The deposit is paid at this point by the buyer, usually 10%. The contract is legally binding and if either party backs out at this point, a penalty has to paid.
• The preliminary contract is either 'firm' of 'conditional'. A firm contract states that the buyer will purchase the property exactly the way it is, without any further amendments or conditions, where as a conditional contract will be subject to conditions (e.g. subject to survey or obtaining a mortgage). On a conditional contract if any of the conditions are not met then the deal is annulled without any penalty. This is preferable.
• On the completion date and once all the conditions have been met, the remaining balance and all fees are payable. Both parties then sign the final contract and the sale is complete

Cost

• Property transfer tax of 0.5% to 2%
• Legal fees: GBP300 to GBP500
• Legal fees: 3% approximately
• If the property is new-build only. Goods and services tax: 7%
• Agency commission paid by the seller of 3% to 7%

Visa / Residency

For periods up to 6 months in a year, a UK citizen can stay in Canada without a visa as a non-resident. Those wishing to stay longer must apply to the Canadian embassy to become a resident.

Health

Canadian healthcare is excellent. All non-residents will need private medical insurance.

 

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