Move To Nanaimo » Buying as a non Canadian.

Tom Brokaw Explains Canada To Americans

Ryan Coffey — Thu, 15 Sep 2011 20:16:51 +0000

This is from a NBC newscast 2010 during the olympics. It highlights the ongoing relationship between the US and Canada as well as helps explain some of our country’s key points to those south of the 49th parallel.

Ryan Coffey

The World Wants To Move To Canada

Ryan Coffey — Wed, 30 Jun 2010 17:57:56 +0000

I found an interesting article in the Globe and Mail last week. I was just about to put up the previous post about my website for free connections to Chinese speaking Realtors across Canada, when I came across the article. I tend to cut and paste a lot of worthwhile articles into this blog, but in this case there are quite a lot of graphics and etc. to bungle up my wordpress so I’m providing you with a quote from the article to whet your appetite and then a link to see the whole thing.

“It’s a startling finding, one that is reinforced by respondents’ overwhelmingly positive attitudes about Canada’s welcoming and tolerant treatment of newcomers. The results bode well for Canada’s efforts to attract highly educated immigrants as the global search for talent heats up in coming years.”

Click here for the full article.

Ryan Coffey

Announcing my New Canadian Real Estate Website (in Chinese!)

Ryan Coffey — Wed, 23 Jun 2010 23:39:26 +0000

I have just launched a new website where I will connect Chinese speaking who are looking for real estate services anywhere in Canada with Realtors who can give them service in that language. www.jianada-fangdichan.com

For your information I am and have been offering real estate services here in Nanaimo in Mandarin via the aid of my assistant who is from Beijing. I already have a network of Chinese Speaking Realtors across the country who are ready to do business.

Here is a screenshot of the homepage and a link to it.

What Sorts Of People And How Many Are Allowed To Move To Canada?

Ryan Coffey — Wed, 13 Jan 2010 22:38:24 +0000

Thanks to my online presence and the fact that I hang out in international/multicultural circles, I get quite a few inquiries from people who are looking to move here from other countries. A while back I started a category of posts I titled “Buying as a Non Canadian” but haven’t added to it much since because I’m a Realtor, and not an expert on immigration matters. Over the course of years I’ve learned quite a few tips and tricks about such matters, but not the sorts of things you write a blog post about.

However, I recently got something in my inbox from an Immigration Lawyer that I thought would be of interest to international readers of this blog so I asked for permission to post it here. And yes, permission granted.

The .pdf document below is from David Aujla, and Immigration Lawyer who operates out of Victoria. Check out his site at www.bcimmigration.com

It paints one portion of the picture of how easy/hard it is to gain entrance into Canada from abroad. I can tell you from experience though, that it takes a certain amount of determination and time to accomplish this worthwhile task. When my (now) wife and I moved back from Japan it took quite a few months to get the documents together and then about 6 or so for the application for me to sponsor her to be processed. Many don’t use a Lawyer due to the cost, but like real estate, it’s high stakes stuff that is very complex and could easily send your life down the wrong track should you miss one of the many important details of the process.

looking_ahead_to_2010

Ryan Coffey

2008: Year in Review

Ryan Coffey — Sat, 27 Dec 2008 06:32:07 +0000

As 2008 draws to a close so does the first year of this blog. I think that this is a good opportunity for me to point out some of the posts from the year that I think are worth reading if you haven’t done so already. Of course, the blog exists as a form of self promotion but I do it with the spirit of educating the public in hopes of helping everyone make better informed decisions to help them in their lives. The following posts are the ones from the past year which I think best exemplify that spirit.

January 8th: When Should I Buy My First Home?

January 15th: Five things You should not do before buying a Home

February 22nd: Listing Tip #1

February 26th: Listing Tip #1 (Part 2)

April 9th: The Basics of Buying Real Estate in B.C.

June 2nd: Whose Side is Your Realtor On?

June 11th: Buyer on a Budget? Read This.

October 17th: Up Markets and Down Markets, When to Buy and Sell (Parts 1 Through 6)

I suppose you could call this my “Coles Notes” for this blog. There are of course plenty of other posts that are also worth reading but these are the ones that contain information that everyone who is buying or selling should have a grasp of.

Enjoy the rest of the holidays. And don’t forget to get some exercise in there somewhere between all the eating and drinking!

Ryan Coffey

Why Choose a Mortgage Broker vs. Bank Specialist?

Ryan Coffey — Mon, 08 Sep 2008 20:11:47 +0000

Here is something from Michael Ledingham at Verico Select Mortgages. He is a local Mortgage Broker who many of my clients have done business with in the past and who has posted items on this blog in the past. Once again, he has offered to share his knowledge of the financial side of real estate. I spoke to him this morning and asked him if he had anything written that would outline the difference between mortgage brokers and the more traditional way of getting your mortgage from a bank. I asked him about this because I still find there are a lot of people out there who don’t know about the advantages of working with a mortgage broker. Being the son of someone who does mortgages for a major bank you would think I would be biased the other way, but I want what’s best for my clients.

Ryan Coffey

Why Choose a Mortgage Broker vs. Bank Specialist?

There are actually a number of differences which you may not be aware of.

Here’s some information to help you understand.

A Mortgage Broker works for you, the client, whereas Bank Specialists are employed by the financial institution.
The benefit of using a Mortgage Broker is the fact that they have the ability to offer you mortgage products from a number of financial institutions. Because a Bank Specialists works for the bank that means that they can usually only offer you their institution’s products.
Mortgage Brokers are typically paid the same amount no matter what rate is offered to the client. Bank specialists’ rate of pay is generally reduced in direct relation to the amount they discount your rate from the bank’s posted rate.
Depending on your Province, Mortgage Brokers must be licensed and are subject to a strict set of requirements. Bank specialists are not licensed and require no formal training.
Because Mortgage Brokers don’t work for a specific lender, you’re assured that you will be given impartial advice. A bank specialist has a limited number of their own institutions products and while it may not be the best mortgage product out there, they will do their best to sell you their institutions mortgage product cause if they don’t your going somewhere else.
Mortgage Brokers use their knowledge and experience to negotiate the best possible rate and product for you from a number of lenders. When you see a bank specialist, that mortgage negotiating is typically left up to you.
For conventional financing, the services of a Mortgager Broker are generally provided at no cost to you. If there is a cost, you will be advised of those costs up front.

So in conclusion, if you have the ability to use the services of a professional Mortgage Broker and have that Mortgage Broker do all your mortgage leg work at no cost, why would you not take advantage of the offer?

( tag on logo for website )

Michael Ledingham - Licensed Mortgage Broker

Tel # 250-755-3014 Ext:224

TF # 1-877-750-3014

Fax # 250-755-1608

Email: m.ledingham@vericoselect.com # 101- 1801 Bowen Road, Nanaimo B.C. V9S 1H1

International investors will drive British Columbia market for years

Ryan Coffey — Wed, 07 May 2008 16:47:24 +0000

I just came across this at a site called www.easier.com They had a section about international property news and this was in there. It’s an article written about realestate in B.C. from the perspective of someone moving from the U.K. and I must say that I’m seeing a lot of talk online plus a lot of clients who are coming from the UK to here. I’ve even found an online forum that talks exclusively about “British expats” where one of the largest sections is about Canada. A lot of them are complaining of the cost of living and overcrowding. They also tend to be baffled at the apparent lack of crime here by comparison.

My father and so many others of previous generations are British and living here, so the exodus is obviously nothing new, but I’m getting the impression that this virtual ‘exodus’ going through a surge in popularity.

The title and article does leave something out that I think is significant though, that being the baby boomers. The baby boomers have just started retiring and B.C., particularly Vancouver Island has long been a very popular place to retire because of its comparatively mild climate compared to the rest of Canada. In the winter a cold night is about -5 celcius compared to other parts of Canada where I often hear tales of-40 celcius. A few times I saw -30 while living in Nova Scotia, which was very upsetting for a fellow from the west coast. I expect that the natural beauty and the mild temperatures will be drawing the retiring baby boomers and many others here for quite a few more years.

Ryan

7 May 2008

Vancouver and the province of British Columbia, Canada, have the economic indicators, quality of life, and regulatory provisions in place to provide property investors with a safer environment for their money. Local people express wonder at prices of $750 per square foot downtown – compare that with $3-4000 in Central London (and $6-8000 in Knightsbridge), and there is clearly scope for growth. Combine those figures with near-zero rental vacancy rates and continued immigration (an extra 51,000 people are expected to move to the province during 2008), and that scope for growth is great.

The real estate market is becoming increasingly international, with investment across national borders. In London (UK), the impact of new international money: from Russia, India, China and the Arab States has been a major driving force in price rises. In British Columbia, the growth of the Pacific Rim economies and the exponential rise in China’s fortunes are having a significant effect, particularly in Vancouver.

It is plain that these buyers measure and assess real estate values by international benchmarks. While Vancouverites express wonder over prices exceeding $750 per square foot for residential property the price is small potatoes by comparison to Central London where $3 – 4,000 is now routine, and to areas like Knightsbridge, where $6 – 8,000 per square foot is being achieved.

A host of other international cities have prices almost as demanding as London’s.

Value Measured by International Standards

Vancouver and the stunning province of British Columbia in which it is set, is now attracting buyers of residential and recreation real estate based on those international benchmarks, as opposed to those of the local populace.

It is with the bird’s eye view of international comparison and experience that these buyers assess ‘value’ in the Vancouver real estate market.

The “World’s Most Liveable City” boast was inevitably going to start attracting greater numbers of investors and migrants in because, by contrast, so much of the world is seemingly becoming less and less “liveable”.

Whatever constraints exist on personal immigration to BC, no one is prevented from investing for profit, for vacation and recreation purposes, to perhaps gain a foothold for a future move, or to have some alternative place to call home. Henceforth, Vancouver real estate should always achieve the highest prices in Canada.

And just as the world is waking up to the fact that British Columbia is an amazing place to live and to own real estate, the City of Vancouver and Whistler are about to climb astride the marketing rocketship called the 2010 Winter Olympics.

2010 Winter Olympics – A Multi-Billion Dollar Advertisement

It has been rightly said that Vancouverites perhaps underestimate the impact the Winter Olympics are going to have on their city. Millions of televisions around the planet will relay the view from Cypress Mountain where the moguls, freestyle and snowboarding events will take place, 30 minutes from downtown. The televisions will reveal a view of Vancouver which citizens of the city already know well: the snowboarder in mid-air, the panorama of the skyscaper cityscape below, set in a sparkling ocean, and all in one frame.

Combine that image with the message that this is a friendly, relatively clean, relatively safe, terrorism-free, stable, English-speaking western democracy – in other words, a good place to invest – and in a very short time from now, that $750 dollars per square foot won’t seem quite so preposterous.

Strong Demand For Commodities

The growth of British Columbia’s economy has been conspicuous in recent years. The impact that the economies of the western provinces have on the economics of Canada is considerable. It is in this part of Canada, rather than any other, that the elements are in place for prices to assume the same sort of levels as other world cities.

The past ten years have begun a golden era. The Pacific Rim has the fastest growing
economies in the world. Continuing growth in the Pacific Rim means demand for British Columbian commodities will inevitably remain strong.

Exploiting Vast Mineral Resources

Recently the Provincial Government announced its intention to elecrify a large part of northwest British Columbia for the first time at a cost of $400 milllion. The Northwest Transmission Line Project (NTL) shows the clear intent that both Federal and Provincial governments have to exploit the vast mineral resources that lie in this largely uninhabited and remote area.

Over half of all proposed mining projects in Canada are in British Columbia, many in the province’s northwest region. Across the Pacific are economic giants ready to consume all the commodities they can to feed their growth.

Oil Wealth

Next door to British Columbia is the province of Alberta where oil is the economic driver.

Second only to the Saudi Arabia reserves, Alberta’s oil sands deposits were described by Time Magazine as “Canada’s greatest buried energy treasure,” which “could satisfy the world’s demand for petroleum for the next century”.

Alberta is a prosperous place and an expensive one. One of the spin-offs of Alberta’s prosperity is the purchasing power which Albertans now wield in the British Columbian property market. Albertans are widely represented in the purchase of much of the recreational property within reasonable striking distance of their province.

One is forced to speculate what will happen to property prices when BC’s own mineral wealth kicks-in in the same way.

The Winter Olympics are generating many significant infrastructure projects in the province. As well as the many new venues and facilities being built, the Sea to Sky Highway connecting Vancouver to Whistler is undergoing a $600 million improvement scheme. The $1.9 billion dollar Canada Line Transit system is being built, connecting the airport to downtown by rail for the first time. On the last remaining piece of waterfront in the City of Vancouver is being built the community of South East False Creek, 1200 homes which will act first of all as the Athletes Village for the duration of the Winter Olympics but which is now being marketed for sale to the public with completion in Spring 2010.

The picture of the province therefore is of economic and population growth accelerating, and infrastructure being made ready. Overall inflation is low as are interest rates. Commodity prices remain strong, job growth and immigration are on the rise: cue the worldwide multi-billion dollar Olympic advertisement.

British Columbia has had a great last few years. Economically, all indicators are that the best is yet to come.

Attention readers from the U.S. (and other internationals considering buying property in Canada) PART 2

Ryan Coffey — Thu, 03 Apr 2008 06:38:06 +0000

To continue the series on how non-Canadians (particularly Americans) can purchase real estate in Canada, an Immigration Lawyer associate of mine has been kind enough to share his insights on the matter from the perspective of immigration. Joshua Sohn is a Partner at the Embarkation Law Group in Vancouver and is someone whose services I can recommend with confidence.

Ryan

Immigration Issues for Foreign Buyers in Canada

It has been relatively easy for Americans to travel as visitors to Canada. We’re geographically close, have common language and cultural traits, and for the most part share a fairly open border.

Americans do not require a visa to travel to Canada, and often simply pass through a port of entry without delay or trouble. There are also no restrictions on Americans purchasing property in Canada, and many Americans own vacation property or a second home in Canada. However, in certain scenarios, owning property in Canada can trigger questions or concerns for Americans and other foreign nationals crossing into Canada.

In this article, I will review some of the trigger-issues and concerns that Americans sometimes face when entering Canada as a visitor or temporary worker. I will also address some of the common misconceptions and myths about foreign nationals.

The first thing to clarify is the distinction between different types of status in Canada – Temporary Residents, Permanent Residents, and Canadian citizens.
Temporary Residents include visitors, work permit holders and study permit holders. Temporary residents have no absolute right to enter Canada – whether or not they have property here. Every time a temporary resident enters Canada, they are subject to an immigration officer’s assessment of whether they meet the requirements of a temporary resident and are not inadmissible due to criminality, medical or security concerns. Officers consider the purpose of your trip to Canada, the intended length of your stay, and what ongoing connections you have to your home country. For Americans who own or rent a home in the USA and employed in the USA, issues would rarely come up. However, if you are retired and no longer have a permanent residence in the USA, a border official may have different concerns.

Permanent Residents and Canadian citizens have a right to enter and remain in Canada indefinitely; they can also work or study in Canada without restriction and without requiring a permit. Permanent Residents will continue to have a Residency Obligation until they become a Canadian citizen.
One problem I commonly see is with Americans who have owned a vacation property in Canada for years, and frequently came up for visits without incident. Then they retire and sometimes sell their principal residence in the USA. Suddenly, they are faced with new questions at the border. They no longer have demonstrable “connections” in their home country and a border official may be concerned they are intending to be de facto or long-term residents in Canada.

An immigration officer can determine the length of time a Temporary Resident is allowed to stay in Canada. This will be based on why they are visiting Canada and how much money they have to support themselves in Canada. If an immigration officer does not specify a specific time, then the Immigration Regulations provide a Temporary Resident can stay in Canada up to 6 months at a time. This time can be extended through a formal application process, or by leaving Canada and re-entering after the original period expires.
A Temporary Resident may also be denied entry to Canada based on inadmissibility for criminal, medical or security concerns. Criminality is the most common basis of inadmissibility, and a growing concern for Americans as Canadian border officials have access to some US criminal databases. Even a misdemeanor conviction in the US, such as Reckless Driving or DUI can make a foreign national inadmissible to Canada. You can also become inadmissible for Misrepresentation if you fail to disclose a conviction. There are ways to overcome criminal inadmissibility both in the short term and on a permanent basis. Ideally, you should consult with a Canadian immigration lawyer about any potential inadmissibility before coming to Canada.
Canada no longer has a Retiree class. People who are retired may still qualify to become Permanent Residents in Canada under one of the economic or family classes, but they cannot apply as a “retiree” per se. If you are intending to reside in Canada long term, you should consider applying for Permanent Resident status. Depending on your circumstances, you may still qualify to become a Permanent Resident even after you have retired, but your options become less and the longer you wait after retirement, the more difficult it may become. Ideally, applying for Permanent Resident status in Canada should be done in advance as part of your retirement planning.
There is no immigration category for Seasonal Residents. A Seasonal Resident refers to a Customs category that permits temporary residents a one-time exemption to import some personal goods to furnish a vacation property without paying duty. There are some restrictions, and you should check with a lawyer before importing items. Being a Seasonal Resident for Custom purposes, does not give you any special immigration status. It does not extend the time you are permitted to remain in Canada as a visitor.
Joshua B. Sohn
Embarkation Law Group

600 – 609 West Hastings Street

Box 26, Princess Building

Vancouver, BC Canada V6B 4W4
1.888.662.7404 (toll free USA/Canada)

1.604.662.7404

joshua@elgcanada.com

http://www.elgcanada.com/

Attention readers from the U.S. (and other internationals considering buying property in Canada)

Ryan Coffey — Fri, 29 Feb 2008 23:00:51 +0000

Unless you’ve been meditating in a cave for the past year, you’ve certainly heard about all the foreclosures in the United States and how the real estate market down there has plummeted as a result. What you may not know is that it has not had a significant effect on the real estate markets in Canada. The market out here on the west coast, (that’s the part that isn’t frozen in the winter to those of you who aren’t familiar with it) is still going strong. Have a look around this blog and at my website for a good idea as to what is here and what the market is doing right now.

On occasion I get clients from the U.S. who are looking into buying real estate in my area. Sometimes it’s because they want to move to Canada, sometimes they want a vacation home and sometimes they want to buy a place for investment. But the same thing seems to daunt all of them. Buying or selling property feels like a big process if you’re not used to doing it already, but there’s a lot more to think about when buying outside of your country. Getting the mortgage, how taxes will work for you, what kinds of laws are in place and so on.

But here’s the thing: It doesn’t have to be such a challenge! The real problem is that no one person has all the answers as to what the process entails because each professional is an expert on a part of the process and they only get these kinds of clients once in a while so they don’t have the opportunity or feel the need to learn so much about what the whole picture is.

Well, I’m a shoot for the moon kind of guy, plus I’ve lived and travelled all over the place so I know from experience that it can be a godsend at times to have someone break it all down for you when you’re trying to do something like this in another country.

SO, my solution is to start a series of articles for non Canadians (particularly for people from the U.S. as theirs is the market that is next door which happens to be doing so poorly right now) thinking of buying real estate here. My first article on it is written by Michael Ledingham, a Mortgage Broker who you may have seen on this site before, who has given us an outline of what it is to get financing for a property here if you’re not from the U.S.

If you have any questions about that end of things, you can contact him as his contact info is below.

More articles to follow… so keep an eye on this page.

Ryan

Hi Ryan,

For your US residents who are thinking of purchasing in Canada and need to seek mortgage financing, I would suggest that the first thing that happen is to have an understanding of how the property is to be used. Are the people going to be using it as vacation or second home? Or are they going to be immigrating to Canada? This is important to be clear on, as different lending rules and options will apply depending on the use.

Vacation Property or Second Home

Although most Canadians lending institutions are primarily set up to service Canadians, there are lenders who will extend services to US residents who want to buy vacation or second homes. The lenders usually are looking for customers with strong qualifications. The financing will be subject to confirmation of US residency, good credit, income and down payment information. A US Credit Bureau will be searched for the credit information. The lenders may have restrictions to what products are available, such as fixed rate products only. Note: Standard US withholding tax policies will apply.

New Immigrant

Canadian lenders are more liberal to individuals who are immigrating to Canada and wanting to purchase. Although requirements will vary from lender to lender, many want you to show that you have had employment for at least 3 months, and will be confirming immigrant status via VISA and documentation from Immigration Canada. Some programs will grant a loan even with no credit history having been established in Canada. Upon qualification, loans of up to 2 million can be obtained and 95% “Loan to Value” purchases are possible for owner occupied properties.

Qualification Process

1) The first thing to do is have a clear understanding of your goals and what you are trying to achieve.

2) Next is to make sure that you are prepared to qualify for a mortgage. No matter who you deal with, they will not only want to know information about you and your financial situation, they will want you to prove it! So….have this stuff pulled out and somewhat accessible. I’m talking, proof of income/employment, proof of down payment, proof of US Residency or of Canadian Immigration.

3) Be aware that the lender will be qualifying property as well, and not all are classified as the same to lend on….raw land has more restrictions than a more preferred single family home.

4) Work with a licensed Realtor and Mortgage Broker, as they will not only be able to shop you the best deals in the market, but will help guide you and look out for your best interest.

5) Be patient. Mortgage financing is not rocket science, but they are processes that take a bit of time.

( tag on logo for website )

Michael Ledingham - Licensed Mortgage Broker

Tel # 250-755-3014 Ext:224

TF # 1-877-750-3014

Fax # 250-755-1608

Email: m.ledingham@vericoselect.com # 101- 1801 Bowen Road, Nanaimo B.C. V9S 1H1