Do you dream of owning a property in the sprawling landscapes of Canada as a UK resident? Be it a mountain-side retreat in British Columbia, an apartment in Toronto, or a country house in Prince Edward Island, purchasing property in Canada from the UK can be a lucrative investment. Yet, understanding the buying process and effectively managing international money transfers can be challenging. This blog post will guide you through the essential steps of buying Canadian property and demonstrate how to save on GBP to CAD international money transfers.
The first step in buying property in Canada is to determine the location and type of property that caters to your lifestyle and aspirations. It's crucial to familiarise yourself with Canadian property law and engage a local real estate agent or legal expert to manage the transaction's legal aspects.
Your Canadian property purchase can be financed using a UK mortgage, a Canadian mortgage, or cash. While some Canadian banks offer mortgages to foreign buyers, you may find more restrictive requirements than for Canadian residents. To save on international money transfers, consider using a currency exchange specialist like Equals Money instead of a traditional provider like a bank. They often offer competitive exchange rates and currency expertise, enhancing the value of your GBP to CAD transfers.
The Canadian property buying process generally involves the following key steps:
When buying property in Canada, you'll need to account for various taxes and fees, including:
a. Property Transfer Tax: This tax is paid upon the transfer of property and varies by province.
b. Legal fees: These fees typically range from CAD 500 to CAD 1,000.
c. Home Inspection Fee: This fee, if you opt for an inspection, generally ranges from CAD 300 to CAD 500.
To ensure you're getting the best value on your international money transfers, consider the following:
Purchasing property in Canada from the UK is an exciting endeavour, and with the right guidance, it can be a highly rewarding investment. By understanding the property buying process and utilising Equals Money for your international money transfers, you can significantly maximise the value of your investment. Embark on your journey towards owning a piece of the beautiful Canadian landscape, where a blend of cosmopolitan cities and breathtaking natural beauty awaits.
*Equals Money can only offer forward contracts to facilitate payments for goods and services