Canada

Rather than crossing the Atlantic and heading for the USA, more and more UK residents are targeting the northern outposts of Canada.

Where in Canada

Ultimately there are no restrictions to where you can buy, but here are few things to bear in mind:-

Montreal and Eastern Canada can be easier to get to then the western side, so it may be a better choice as the reduced travel may be more attractive to holidaymakers

Vancouver and Western Canada has probably some of the most spectacular sights in Canada. If you are into your winter sports, Vancouver is a must, with the 2010 Winter Olympics to be held there, and has obvious increased rental opportunities running up to and including the games.

The Rocky Mountains is a brilliant attraction for tourists, although actually purchasing within the area where available is very expensive. There are areas close to the Rocky’s such as Alberta, which is within easy reach of National Parks.

Purpose built resorts are currently going up all of Canada, mainly near to the ski resorts, are very popular as they tend to be based around winter sports for the full year, and also can come under management company, so there is no worries about the property.

Buying in Canada

Although the majority of Canada allows foreign ownership, providing you don’t spend more than six months in the country, so areas particularly near the National Parks have their own rules.

You cannot be ‘gazumped’. The seller has to cover the costs for both agents (or 'independent realtor' as it is known locally), an Offer of Purchase is produced and submitted, with deposit (refundable if the sale falls through), and once signed by all parties and any conditions of the mortgage are satisfied, the sale can proceed.

You should allow around ?2,000 for legal fees, insurance and the survey, and there is a Purchase Tax of anything up to 2% of purchase price.

Living in Canada

If you want to visit Canada, you need must have a 10 year passport, but you don’t normally require a visa. You can stay for an initial six month period, and should you wish to apply for permanent residency (or landed immigrant status), you should speak to expert in this field, probably a lawyer, as this is complicated process.

Although Canada has historically had a rural economy, the majority of workforce is now employed in the service industries. This, on top of its natural gas deposits, makes the economy strong and growth continues.