New Yorkers in the Great White North: how to buy a house as a non-resident in Canada
Since a couple of years ago, moving to Canada from the United States has been very common. A lot of people seem to find living in Canada a much better option than living in the US. But a lot of people are also only looking to invest in a home in Canada so they have a vacation home to go to during the winter since Canada is one of the best places to be in during wintertime and a lot of people know this. Canada is a favorite vacation destination for a lot of people from the United States. Especially New York. New Yorkers love visiting Canada. A lot of them are moving to Canada every year. And it is usually to one of many amazing suburbs of Toronto or the best Toronto neighrbhoods. The suburbs are not where people from New York seem to be buying vacation houses though. There are plenty of other cities on the coasts as well as on the mountains where investing in a home is a good idea if you are thinking about doing so. But it isn’t very easy to buy a house as a non-resident in Canada.
This is why we decided to write this helpful article that tells you everything you need to know in order to buy a house as a non-resident in Canada. Have in mind that at some point the whole process might become a hassle. It can cause a lot of stress as well. Investing in a home isn’t a small investment to make. Especially when buying a home in another country other than the one where you live in.
Research the Canadian real estate market
After you decide that you will buy a house as a non-resident in Canada, you need to start researching the real estate market. But before you do that, you have to sit and ask yourself what exactly do you need this house to be. That is if you want to find a perfect home. Do you need it for you and your family to use occasionally? Will you be renting it as Airbnb or as a home, how big do you need the home to be. These are just some of the most important questions to ask yourself before you decide to buy a house in Canada.
You also need to set your budget. Have in mind that as a non-Canadian resident you will have to pay bigger taxes for that house. Taxes in New York are already big enough. This is why you have to calculate whether you will be able to handle such big of an expense and still be able to afford to live in New York. You have to do plenty of research on the real estate market in Canada. This will help you get more familiar with the real estate trends in the country.
Why knowing more about real estate trends is important?
Knowing about real estate trends in Canada if thinking about buying a house there is a very important thing. This will help you get to know the average pricing of houses in different parts and cities in Canada. If you want to buy an affordable home just to have one, make sure you find the most affordable cities in Canada. And if you decide to move some of your belongings from New York to Canada after buying a home, you have to make sure to get the best packing supplies. Capitalcitybins.us is where we would suggest getting the boxes you need in order to pack.
Long-distance moving isn’t easy and it can cause damage to your belongings if you don’t use adequate material for your things. Another way to make relocating your belongings from New York to Canada easier is to hire professional movers.
Hire a Canada-based real estate agent
One of the best ways to buy a house as a non-resident in Canada is to have professional assistance by your side. And the person to hire surely has to be a Canada-based real estate agent. Investing in a home isn’t a small expense at all. This is why you have to make sure that you do it right. There are plenty of things to pay attention to when buying a house. And buying a house remotely is one of the hardest things to do. Just scrolling and looking through listings is very helpful when it comes to getting familiar with the real estate market but finding a decent home for a decent amount of money isn’t such as easy of a task as one might think it is.
If buying a home, you surely have to take a closer look at it before signing all the paper. Pictures can be very deceiving. A home is very easily staged to look better than it really does. This is why having a Canada-based real estate agent is necessary. He is the one you can rely on when it comes to checking whether the house is in good condition. You don’t have to create an additional expense for yourself by having to travel from New York to Canada just to see the house in person.
Most New Yorkers who are buying homes in Canada are in fact elderly people. They so because they usually spend as much time in Canada as they can without a resident visa. And if you are going with senior family members to this house that you purchase, make sure you hire professional movers as well to relocate anything that needs to be relocated.
Look at online listings as much as you can
If not hiring a real estate agent to find you a home, this means that you have to do it yourself. This isn’t going to be an easy task. The Canadian real estate market is very busy. This is why we advise starting the search on time. It might take you a couple of months or even up to a year to find the perfect home. Search online for a moving company as well. Take a lot of time to do proper research in order to find the best movers for your relocation if you decide to do so at one point after you buy a house as a non-resident in Canada.