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So you´ve found a beautiful community, where you´d like very much to invest in real estate. It´s a picturesque small town, a very pretty place with plenty of greenery and privacy, yet there are plenty of shops, arts outlets, and good restaurants. It´s part of a large metropolitan area, and only a half-an-hour´s drive to a major, sophisticated, and interesting city. There´s only one problem - you are from the United States, and the real estate is in Canada.
With the wild ups and downs of the U.S. real estate market, and all of the financial and government services difficulties facing so many U.S. localities, many more Americans who are considering real estate investments, or are interested in vacation homes, are taking a closer look at Canadian real estate. Canada is physically close, and the culture is not incomprehensible to most Americans. And Canadian government has a reputation of working. The roads will be paved, the water and electricity will be on, public order is stable, crime rates are expected to be reasonable, and once forms are filled out and permits gotten, and there will be no unofficial "fees."
An experienced, locally-connected realtor is your best bet. They are connected to the community, and know what´s going on. They can steer you past obstacles that only locals would know about. They can tell you if that home that looked so beautiful as you drove past has a known history of building compliance problems, and that it might take as much as you´d pay for the place to bring it into line with legal requirements. Or that the flooding last year got so bad the front lawn was covered with water. Or that the cute little country road past the property often gets traffic that has been diverted from the highway.
Whether you are buying or selling, you should still consult a Canadian accountant
Real estate procedures in Canada are not actually all that more complicated than procedures in the U.S., but remember, this is a different country, and the rules are different. Don´t take chances. Competent, accredited professionals can make the difference between a pleasant, cordial, and profitable transaction, and a nightmare scenario of unknown laws and requirements, and payments you didn´t know were due. And if you plan on renting the property out, you will need to know requirements for leases and landlord/tenant laws.
Canada´s culture is different enough so that Americans will receive that pleasant tingle of unfamiliarity, at the same time as being similar enough that you don´t have to take a foreign language course to get by. Government services to Canadian communities are steady and generally reliable, there is an environment of law and regularity (this is the First World!) missing in some other nations, and Canada´s economy, including the real estate market, is stable and regulated. It´s a great place for Americans to invest in real estate.
The Goodale Miller Team is the #1 team in Canada for Century 21 8 years running. Specializing in Oakville luxury real estate including Lakefront homes, infill building lots, condominiums and more. Visit http://www.goodalemillerteam.com/ for more information today!