If you’re looking at buying a Canadian property, but have been put off by the high cost in recent years, then recent indicators of a moderation in prices are sure to pique your interest.
Article written by The Overseas Guides Company
The Canadian Real Estate Association has lamented that property prices and market activity have stagnated in recent months, and remain lower than that recorded in the first half of the year.
One of Canada’s major banks, CIBC, recently said the moderation in house prices, including falls in some areas, is not necessarily a bad thing, given the fact it opens up opportunities to certain groups of people.
Clearly one of the big winners of softening prices are foreign buyers, particularly if they are not dependent on a Canadian mortgage to fund the purchase. More affordable property prices in an economy outperforming that of the UK can make emigrating a very attractive option.
To make sure you get the best bargain, be sure to do your homework first. This may include:
Keeping tabs on the market: check Canadian newspapers and websites to keep up-to-date with what price trends in the property market
Comparing different suburbs/towns: Prices don’t always track the same way, so compare a few different areas and see which offers the best value for money
Negotiating hard: Don’t be afraid to go hard on your negotiations with the agent. You can use your research on the local market to your advantage to justify why you think the property is worth less.
Being prepared to walk away in search of another property: You may find that the vendor is unwilling to drop their price, despite being overly ambitious on what they want to achieve. It may be a case of walking away and finding another property.
For details of properties for sale in Canada, visit the Canada listings on Rightmove Overseas. Preparation for anyone considering a move to Canada should include planning for the transfer of your pounds into Canadian dollars. For information on how to do this safely and save money when doing so – giving you more to spend on shopping – download Smart Currency Exchange’s free guide.
To understand the full step-by-step process to buying a property in Canada, collect The Overseas Guides Company’s ‘Canada Property Buying Guide’
The views and comments herein are those of the author and do not necessarily reflect the views or opinions of Rightmove Overseas, Rightmove Group Ltd or Rightmove Plc