Expert: Cinzia Dalgarno - 6/9/2009

Question
Hi Cinzia,

I'm considering buying property in Canada. How much should I pay?

Answer
Hello. I should clarify first of all that I am a mortgage broker, not a realtor. My first suggestion, if you are interested in buying property in Canada, is to find a realtor in the area you have chosen. They are experts on the where/what/how's of buying and selling property, everywhere. They are well versed in the documents required, the laws regarding purchasing (and selling) properties by non-residents, how to ensure your interests in the purchase are protected, etc etc.
Generally, however, I would say that how much you should pay for a property in Canada is dependant on many variables:
-where do you want to buy - prices vary greatly within a 50km range, and even more so, province to province.
-what type of property do you wish to buy? A rental home, a vacation home, a farm, an apartment, etc.
-specific details of the building itself: how many rooms, do you want a suite in the basement, what grade of materials was it made with (high-end, low-end), how old is it, just to name a very few.
I would suggest you make a list of what you would like the building to have (fixer upper, brand new, how many rooms, how many bathrooms,one level, 3 levels, brand new or old, etc etc etc), then decide what area you would like to buy in - on a lake, in the city, on the outskirts, etc. Finally, decide on which province, and town, you wish to be in or near.  Once you have your "wishlist", go online and look for realtors in that area. Find one you like, and they will, I am sure, be happy to help you in your search!
Hope this was helpful,
Warm regards,
Cinzia