Property In Canada
Property In Canada
As long as you stay within the requirements of your visa or immigration status, there is no restriction on property ownership in Canada. Since most visitors can get a free six-month visa upon arrival, Canada is a very easy country to spend half the year in. The only downside to owning property as a non-resident is when you want to sell it. The Canadian government will take 50 per cent of your profits as a capital gains tax. Permanent residents of Canada do not have to pay this tax if the property is listed as their primary residence.
There are several different forms of property in Canada. The most basic is a piece of raw land that has no dwellings on it. Land is zoned in many ways depending on the use and its location. Land zoned residential means you can build a home and live in it, while commercial zoning allows you to conduct business on the property but usually not live full time on it. There are also land zones for recreational use, agricultural use and other specific functions that often exclude full-time residency.
Most Canadians live in homes because there is so much space to go around. Only in the largest cities will you find concentrations of apartment blocks. Homes come in many forms in Canada, from the popular lakeside vacation bungalows of Ontario to large suburban residences. Even in the cities it is more common to see neighbourhoods lined with homes rather than apartment buildings.
But in congested metropolitan areas like Vancouver, Montreal and Toronto there are many apartment and condo buildings to choose from. Apartments have their advantages in urban environments, but in general the costs of buying and maintaining a property in Canada are the same whether it's a house or apartment. Apartments, however, are typically charged a building maintenance fee equivalent to about C$200 for a C$250,000 unit.
Every property gets taxed by the Canadian government, usually once a year in the form of property tax. The amount of this tax is determined by a government assessor who looks at current market values of similar properties in your area. The tax often fluctuates with the housing market and is a percentage between 1 and 3 percent of the value of your home. This rate varies from province to province.
