Should you buy a house one you land (PR) in Canada

[SinghLovCan]

Is it wise to buy a house when land or is it better to rent? Which is better? I heard the Canadian housing market will crash or prices will come down.

 

[newtone]

Buy a house when you are ready not when people think the market is either going up or going down. Cause thats mere speculation. Besides I don't see how the Canadian market will crash. Either interest rates will have to shoot up very high like 12% over night and increase in unemployment level or the Canadian government has to pass a bill which restricts foreign investors from buying property in Canada or reduce the quota of immigrants coming into Canada. I personally don't see anything like this happening. Last time I checked Canada had a surplus in its budget so its pretty much party time for quite a long period.

 

[on-hold]

And before you buy, look into housing co-ops. I had never heard of these in the States, but here in Canada they are common. In Edmonton, our basic choices were rent an apartment downtown, buy a condo downtown, or buy a house in a slum or on the edge of town. All three of these were unattractive to us -- but we found a housing co-op in a beautiful riverside neighbourhood on the edge of downtown, where we could never afford to rent or buy. Our rent for a 4-bedroom house is $1050, we're guaranteed indefinite occupancy, and we stay out of debt. We don't build up equity (in some co-ops you do), so is it worth it? In the long term, I don't know, but in the short term, it lets us live like human beings, where we want to, at an affordable price.

 

[SinghLovCan]

Canadian government has to pass a bill which restricts foreign investors from buying property in Canada or reduce the quota of immigrants coming into Canada.

This is already happening.

 

[steaky]

This is already happening.

No, it's not. Foreigners (as well as Canadian expats) can still buy properties in Canada.

 

[SinghLovCan]

They cancelled the foreign investor program. No more Chinese investors now.

 

[polara69]

They cancelled the foreign investor program. No more Chinese investors now.

So? As a foreigner you can still buy property in Canada, no problem. You do not have to be part of the investor program or anything.

 

[steaky]

They cancelled the foreign investor program. No more Chinese investors now.

According to a recent newspaper article, 272,608 Temporary Resident Visas had been issued to Chinese nationals in the first 9 months of 2014. There are no shortage of real estate investors from China!

 

[newtone]

According to a recent newspaper article, 272,608 Temporary Resident Visas had been issued to Chinese nationals in the first 9 months of 2014. There are no shortage of real estate investors from China!

It makes perfect sense to me, China has money and population Canada does not have money nor population. Its a marriage made in heaven. I think they should increase the TRV to 500,000

 

[ALRIVAS]

Hello there I love the way people have an opinion on this topic with different way of looking at the market.
Let me begin by telling you that I'm a Realtor with 12 years of experience.
When you think should I buy or rent is very easy to find an answer when you have the tools and info like everything else,do I want to pay my landlord's mortgage or do I want to pay my own mortgage.
With respect to (COOP) make sure you know the facts coop is a very different way of ownership compare to freehold the name says it all or condominium.
Regarding the foreign investor program (you need to know that you don't need any kind of status to purchase real estate in Canada and furthermore you don't even need to be present in the country to buy real estate) you can purchase or sell a property while you are in country of origine.


Here are a couple of links from the Toronto Real Estate board that you will find very helpful.


1)http://www.torontorealestateboard.com/market_news/market_watch/historic_stats/pdf/Historic_1409.pdf (Historic)

2)http://www.torontorealestateboard.com/market_news/market_watch/2014/mw1409.pdf (September Market statacs.)