Indians In Canada: Buying A House: For many Indians, Canada is the land of opportunity. Indian immigrants are welcomed with open arms. Canada has an aging population and a strong, robust economy. There exists a strong demand for qualified young people. For Canada, India is the perfect source of immigrants. Indians landing in Canada are young, well qualified, have a strong work ethic, and speak great English. Indians are also natural entrepreneurs. They fit seamlessly into Canadian society. New arrivals from India will naturally go through an adjustment phase. Finding accommodation will be their first concern.
Indians In Canada: Buying A House
Table of Contents
The Argument For Buying A House
Columbus left Spain in August 1492 with three ships to look for a western passage to India. Columbus never discovered the passage; instead, he found the Americas. He thought he was in India when he landed in the Bahamas, so he called the locals Indians.
Since then, Native Americans in the USA and Canada have been referred to as Indians. Even to the layman, it is clear that Native Americans have nothing to do with Indians. Until recently, this was true.
Today, Indians are immigrating to Canada in record numbers. Over one million live in Canada. What Indians and Native Americans have in common today is a shared motherland. There are almost as many Indians as there are Native Americans in Canada.
In a strange twist of fate, two peoples who were worlds apart are today living and working side by side. For those of us who believe in predestination, this example will strengthen our belief. Through no intention of their own, by the machinations of events playing out over centuries, more than one million Indians find themselves now living in Canada.
We must all agree that the presence of Indians in Canada is the result of a centuries-old process that is still ongoing. And there are no signs of it stopping. Since Indians are here permanently, (they will most likely never return to India), there is no sense in renting; they can just as well buy a house.
The Process Of Buying A House
The right to own a property in Canada is not based on citizenship, but rather residency. As a resident, an immigrant has the right to buy a property. There is no restriction on foreign ownership.
Canada is different from other countries. The seller does not choose the Estate Agent, the buyer does. Once you have chosen a property, you select an Estate Agent. This agent writes an Offer-to-Purchase and submits it to the seller. The buyer also pays a deposit of 10% of the property price at the same time it is submitted. In case the sale does not happen, the deposit is refundable. If the seller agrees with the offered amount, the deal goes through.
Fees
The cost of buying a house is between 5% and 11% of the property price.
- Estate Agent fees: The seller pays these fees.
- Lawyer’s fees: The acquisition, mortgage documents, Offer-to-Purchase, and finalization fees will be around $1,000.
- Home Inspection Fee: It depends on the type of property and area. Expect around $500.
- PST (Provincial Sales Tax) and GST (Goods and Services Tax) is already included in the purchase price.
House Insurance
Your house is likely to be one of the most significant purchases you will ever make. For peace of mind, you must have suitable insurance in place to protect your most valuable asset. A reputable insurance company, like bstinsurance.com, will provide you with the necessary protection needed when settling into your new home.
Conclusion
Property is the best asset class out there. For Indian immigrants who are seeking to start a new life and want to ensure their future financial security, it is a logical decision to buy a house.
