With the rapid growth of national wealth, more and more people are starting to go abroad and investing overseas, and real estate has become the first choice for investors to invest overseas. As a country with rich educational real estate resources, Vancouver has become a home-purchase destination for the people.
For educational purpose:
Canada has a first-rate education system
Including primary education, secondary education, and post-secondary education. Divided into public and private schools. According to Canadian constitutional regulations, education bureaus of provinces under the Ministry of Education of Canada come to formulate corresponding policies and educational norms. Therefore, there are great differences in education systems among provinces. Manitoba, Ontario and New Brunswick have compulsory education until the age of 18 or a high school diploma, and other provinces are 16 years old. Citizens and permanent residents and their children receive free education from primary school to secondary school. The government also has high subsidies for higher education.
For investment purpose:
An excellent place for investment, work and life
Canada is one of the most culturally diverse countries in the world. It has a world-class university, a good universal health care system, a clean and friendly city, and the second highest standard of living per capita in the G7. The OECD's Happiness Life Index shows that Canada is the highest in the G7 as measured by overall living conditions and quality of life (based on housing, income, jobs, environment, education, and health).
Canada is a popular country for immigrants and students studying abroad. There are many different concepts in the area of real estate investment that are different from domestic ones. If investors do not know these things well, they may suffer serious losses. In Canada, there are four main types of housing: independent houses, apartments, townhouses, and multifamily houses.
1.Houses
A house is a single-family villa referred to in China. It usually refers to a single-family, single-family, and single-family house, and does not have any connection with the buildings of neighboring neighbors. The above-ground part of a detached house is usually a one-, two- or three-storey house, and houses over four floors are relatively rare. The detached houses often have their own garages, but they may not all have basements. For example, the author lives in the city of Nanaimo (on Vancouver Island on the west side of Vancouver). Whether the newly built houses have basements that are different depending on the terrain There are usually basements if you are leaning against the slopes, and there are often no basements if you are on flat ground.
A house is not required to pay property management fees to anyone and institutions. This means that the owners need to be responsible for cutting grass, gardening, maintenance, garbage collection, and shoveling snow (very little snow falls in Vancouver and Vancouver Island in the southern winter). . Of course, the maintenance of the house, such as the repair of the roof and the exterior wall, also requires the owner himself to be responsible. Therefore, living in a detached house often means more cumbersome maintenance and management work.
However, the charm of a house is that it does not have to pay the low cost advantage and appreciation potential of property management fees. The land of a single house is usually privately owned and can be permanently passed on. In addition to the land occupied by the house, the detached house usually has a larger yard than the land occupied by the house. When buying a home in the country, people tend to focus on the house itself, thinking that housing is the value of real estate. But in Canada, this concept may have to change. In real estate and real estate, real estate is similar to a car, and it is a devaluation product. Its value tends to decrease over time. Real estate is a real appreciation product with scarce attributes. As the population increases, its value will continue to increase. rise.
Although the detached houses have the greatest potential for appreciation, the complicated management work has left many people who are beyond their means. Therefore, many Canadians sell their own detached houses when they are old and live in apartments that are small in size but managed. They use their income gained from the appreciation of an independent house to enjoy retirement.
2.Apartment
The owners of the apartment have their own separate living space, but need to share the apartment's public space and shared facilities with other residents, such as corridors, building green spaces, swimming pools and entertainment equipment. Apartments often have property management companies to manage public spaces and shared facilities. Of course, the owners need to pay management fees while enjoying services.
Due to China's large population, apartments have become the main type of housing in the country, but in Canada, only major cities such as Vancouver, Toronto and Montreal will be more common. From an investment point of view, the apartment has the lowest potential for appreciation of all types of housing, and of course its price is generally the cheapest. However, many domestic investors do not understand this point and feel that they should have a housing first, and others later. When it was found that the apartment was unusually cheap, it was bought blindly. As a result, it was discovered several years later that compared to other types of properties, their own real estate did not actually increase in value. One of the author's friends was like this. He had immigrated to Vancouver as far back as 2000 and bought an apartment just three days later. However, after seven or eight years passed, he found that his apartment rose by only 30%, and some of the nearby houses had more than doubled. The friend sighed with deep feeling: "If we knew this earlier, we might as well have initially bitten our teeth to buy a detached house." But fortunately this friend was still awake in time, sold the apartment and re-purchased the independent house. Now his house is also Get a good gain.
3.Townhouse
Townhouses originated in the United Kingdom and can be considered as the predecessor of apartments. They are often referred to as townhouses in the country. In Canada, they are usually composed of a series of small houses with similar layouts and connected side by side. The number of bedrooms is usually 3 the following. Although townhouses are single-family, they need to share walls with neighbors on both sides. The houses are thin and tall, usually two or even three.
The townhouse has separate front and rear yards, so it enjoys more space than the apartment, but because it needs to share some facilities with the neighbors, it is inferior to the independent house in terms of space. From the perspective of investment value and housing prices, townhouses are also located between houses and apartments.
Compared with detached houses, a relatively large advantage of townhouses is their energy saving. The reason is that the walls on the left and right sides of the row houses are shared with neighbors, which can save some energy when heating in winter; in addition, due to the same series The row houses have a uniform appearance and, when well maintained, they look neat and beautiful. However, townhouses also have some deficiencies: First, due to the sharing of walls in the structure, privacy is not as strong as a detached house. In Canada, privacy is an important factor in measuring the value of houses; secondly, townhouses often and apartments. Similarly, we need to share the maintenance costs of public areas (such as lawns, gardens, swimming pools, playgrounds, tennis courts, picnic areas, etc.), that is, to pay a co-management fee, and these maintenance work will be outsourced to professional companies without the need for owners. Hands-on.
4.Multifamily
Multifamily is an important form of housing in North America. It mainly refers to multiple homes under the same roof. Among all types of multi-unit houses, double room is the most common form. Double-chambering means that two houses are connected together, and the connection mode can be left-right, front-to-back, and occasionally one-on-one. Left and right forms of double room are ideal for tenants, each will have front and rear yards; the front and rear forms of double room will be followed by the first, one with front yard and one with back yard; the upper and lower forms of double room are the worst. Both need to share the front yard and backyard.
Multifamily houses are usually located in areas where lower-income people are located, and residents are mainly tenants. As a result, owners of multi-unit homes often purchase the home for investment purposes while they live in other places or even other cities. In fact, from the perspective of investment, multi-unit housing may not be a better investment option. There are three reasons: First, the management and maintenance of housing is a relatively troublesome task. It may be very hard to do it yourself, and people will incur higher costs (Canadian labor costs are higher). Second, because of the In low-income neighborhoods, the appreciation of housing is usually limited; thirdly, rent collection is a more troublesome issue. Canadian regulations protect low-income groups and vulnerable groups. If tenants cannot pay rent, it is a piece of money to let them move away. More troublesome things.
According to Canadian law, the landlord cannot change or cut off infrastructure such as gas and water, nor can the tenant’s personal belongings be thrown outside. If the tenant first calls the police, the landlord threatens to hold the weapon or injure the tenant. After the police come, the landlord will only arrest him. If it is serious, the landlord will also be forbidden to return to his home and the tenant can continue to live. If you take legal procedures to resolve, it may take 3 months or even longer. Many multifamily investors have been plagued by old tenants. In the end, there is no way to sell real estate. In this case, the sale of real estate has become a choice that cannot be made.
12 steps to conduct real estate transactions in Canada:
1. Once you decide to buy a house
Available bank account
The right time to buy
2. Decided purchase intention
Areas decided to live: urban areas, downtown areas, small cities, remote areas
Decided to live in apartment types: houses, city houses, townhouses, condos
Other issues: apartment property, property management fees, purchase of new or second-hand housing
3. Sell existing homes
Consider the right time to sell
Consider buying a house or selling first
Whether to hire REALTOR to assist sellers
4. Determine the price range you can afford
Consider the cost of purchasing and monthly expenses after purchase: The one-time expenses for purchasing a property include down payment, contract fee, title insurance, housing inspection fee, land transfer fee, tax, etc.; the monthly expenses after purchase include the housing loan and hydropower Fees, property fees, home insurance, land tax, etc.
Determine the loan amount
5. Solve the loan problem
Looking for a loan bank, suggesting consulting with multiple banks, credit unions, or loan brokers
Understand loan terms and apply your loan preferences
Preparation of documents, documents and related expenses required for the loan. Some banks may need to conduct pressure assessments on loaners to test their ability to resist risks.
6. Looking for a realtor broker to help you buy a home
Real estate brokers with agency contracts: customer agency services, bargaining on behalf of buyers, providing advice
Real estate brokers who do not have agency contracts: help with the purchase of real estate and cannot negotiate or offer advice on behalf of the buyer
Real estate agents can provide real estate listings within the MLS listing system
7. Finding a Listing
Newspaper and magazine
Open House Open Tour
Real estate website
By your REALTOR real estate broker
8. Ready to buy
Your real estate agent, REALTOR, can help you prepare an offer, suggesting you understand the terms involved in the offer
Your real estate agent REALTOR submits your signed offer to the seller. Seller can accept offer, reject offer, or request to modify offer
9. Home inspection
Proposed purchase of second-hand housing, in the offer of home inspection requirements
Looking for professional qualified home inspection agencies
Work with house-checkers to inspect homes, familiarize them with the conditions of new homes, and learn and maintain skills from experts
Requires written proof of home inspection
Buy new homes, according to the quality of new homes whether the need for home inspection
10. Contact a real estate lawyer to deal with relevant real estate transaction documents
Ask a friend, colleague, or your real estate agent REALTOR® to find an experienced real estate lawyer
A real estate lawyer will assist you with the legal issues involved in the transfer of real estate
11. Complete the housing transaction
After the submitted offer is accepted by the seller, your real estate agent REALTOR® and the real estate lawyer will perform the closing of the rest of the real estate transaction.
Complete loan procedures
Purchase home insurance
Inform the post office to change the address
Signing real estate transaction contract with real estate lawyer
12. Housewarming
Confirm the date of moving in
Looking for a moving company
Renovate your new home