Canada

Latest legislation bans some foreigners from buying residential properties in Canada for two years

Moving to Canada is a long-held dream for many Brits. The popular country is a high scorer in global ‘quality-of-life’ surveys – with standard-of living, breathtaking scenery and incredible wildlife an attractive prospect for potential new residents.

However, making the decision to move your life to the other side of the Atlantic is a monumental one – and not to be taken lightly. Upping sticks to Canada calls for extensive preparations, and it pays to do your homework.

Simon Hood, director of leading international moving specialist John Mason International, makes it his business to keep abreast of political and economic developments in all destination countries – and the Canadian government has recently introduced a regulation that could affect Brits planning to buy property in Canada.

“At John Mason International, our specialists are on hand to handle everything – from packing up your belongings and booking a shipping container, to organising pet transport, and moving you into your new pad,” said Simon Hood. “But, just as important, is informing our clients of all the latest laws and political developments that might affect them.

“One such regulation, which recently came into effect, is a two year ban on some foreigners buying homes as an investment in Canada. The reason for this move is understandable, with the average property price in the country – at C$777,200 (£473,700) – more than 11 times the median household income after taxes. The Canadian government is aiming to ease this issue by making more homes available for its citizens and permanent residents.

“Thankfully, there are exceptions to this rule, including immigrants and permanent residents of Canada who are not citizens.

“Our role at John Mason International is to ensure that everything is in place to ensure that, if our customers want to buy their home, they are able to do so. The key here is that they must not purchase the property as an investment and then not live in it. If they are moving to Canada, the home they purchase must be their abode – otherwise they risk a fine of C$10,000 for breaking the rules.

“Fortunately for those who wish to relocate, our experts are standing by to ensure the whole process is smooth and straightforward.

“I’d urge anyone who’s made the decision to move overseas to have a chat with one of our team to see how we can help. Whether they’re moving to Canada, USA, Australia, New Zealand, South Africa or elsewhere, we could save a whole lot of bother further down the line – and ensure nothing overshadows the excitement and joy of this new chapter in life.”

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