Property in Canada

Getting to know Canada

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Stunning scenery, welcoming people, a growing and settled economy. There are many reasons why Canada regularly attracts hundreds and thousands of new permanent residents per year from all around the world.

Sure, Canada may often be overlooked in favour of its brasher, and arguably more glamorous, southern neighbour, but those who do choose to look north of the United States for a new homeland are often not at all disappointed by what they find.

The sheer size of Canada can undoubtedly be a little daunting, especially for those of us used to living on a fairly small, yet densely populated, island. Put simply, Canada is huge! Around 80 percent of Canada’s population live in towns and cities in the ‘milder’ southern areas of the country, and more than 25 cities in the country have populations of more than 100,000 – yet these still account for less than 1 per cent of Canada’s vast landmass.

Stretching from the Pacific Ocean in the west to the Atlantic Ocean in the east and covering an area of 9,984,670 square kilometres, within the world’s second largest country you will find thriving cities, sandy beaches, towering mountain ranges and verdant plains. Canada practically accommodates every single type of scenic and social diversity within its borders, so no matter what your beliefs, preferences or temperaments there will be an area of Canada to suit you.

Canadian property market overview

Canada’s property market emerged relatively unscathed from the global financial crisis and the country’s long-running housing boom seems to show no signs of ending, with national home sales increasing by 9.4 per cent on a year-on-year basis in March, according to the Canadian Real Estate Association (CREA). However, when excluding Greater Vancouver and Greater Toronto, which are the only two hot spots for home sales and prices at present, the national sale price was a more modest 2.4 per cent. Outside of the main immigrant hotspots, average property prices are commonly below the national value – and it is still possible to pick up a new home for less than CDN$200,000 in some areas of Atlantic Canada.

National average house price: CDN$437,699
Major city with the lowest average price: Fredericton, New Brunswick – CDN$178,479
Major city with the highest average price: Vancouver, British Columbia – CDN$866,722

(Price sources: Canadian Real Estate Association)

Basic mortgage facts

Max 50% loan to value $100,000 minimum loan Rates from 2.74%
Eligibility criteria for mortgages have become tighter over recent years, but you can still generally borrow up to 50 percent of the value of a property and the minimum loan is CDN$100,000. Rates start from just 2.74 percent for a one-year fixed deal, and 2.84 percent for a 5-year fixed deal.
A key calculation used in the application is the debt-to-income ratio, which establishes whether you can afford to maintain the mortgage repayments, so your existing liabilities including loans, credit card payments, and maintenance are taken into account, together with the proposed Canadian mortgage payments. All of this must not exceed 35 percent of your gross monthly income.

Fun facts about Canada

Canada is the second-largest country in the world, after Russia
Canada is the home of the longest street in the world. Yonge Street spans 2,000km, from Lake Ontario through the city to the Minnesota border
A bear cub called Winnipeg was exported to Canada from London Zoo in 1915; he was visited regularly by a little boy named Christopher Robin Milne, inspiring the stories written by his father A.A. Milne
Canada has twice been invaded by the USA – in 1775 and 1812
Canada holds the record for the most gold medals won at the Winter Olympics
Canada’s lowest recorded temperature was -63 degrees Celsius in 1947

Deciding on your preferred location and property type in Canada

Alberta

One of only two landlocked Canadian provinces, the majority of Alberta’s population lives in the corridor between the major cities of Calgary and Edmonton. In recent years, Calgary has become one of Canada’s most popular cities for new immigrants. The province has a continental climate, with warm summers and cold winters, and features some of Canada’s most iconic mountain scenery with the Rocky Mountain resorts of Banff and Jasper both located there. Over the last 20 years, Alberta’s economy has been transformed into one of the strongest in the country thanks to its natural oil resources.

British Columbia

Canada’s warmest province, the southern, most populated, reaches of BC receive very little (if any) snowfall each year. Little surprise, then, that the province has long been popular with newcomers. Although approximately 75 per cent of the province is mountainous – both the Rocky and Coast mountain ranges are located there – BC is also home to some of Canada’s best coastal scenery. The city of Vancouver is often placed near the top of ‘quality of life’ rankings, while provincial capital Victoria, located on Vancouver Island, is an attractive city and a popular tourist destination. BC has a resource dominated economy, although tourism and film production are also both major employment sectors.

Manitoba

Canada’s easternmost prairie province is known for being one of the sunniest provinces in the country. Although winter temperatures, especially in the north, are among the nation’s coldest. Manitoba’s economy is based on natural resources with agriculture, mining and energy all important to the province’s fortunes. Over 60 per cent of Manitoba’s population live in state capital Winnipeg, the 8th largest city in Canada.

New Brunswick

The least coastal of Canada’s four Maritime Provinces, New Brunswick is the country’s only officially bilingual province, with both English and French awarded equal importance. Over 80 per cent of New Brunswick is covered by forest, so it should be no surprise to learn that forestry and agriculture are the province’s main economic drivers. Boasting a continental, Atlantic climate, the major settlement spots tend to be based around the cities of Saint John, Moncton and capital Fredericton.

Labrador

Newfoundland and Labrador

Incorporating the island of Newfoundland and mainland Labrador, this Maritime province was the last to enter the Canadian confederation, only becoming recognised as a province in 1949. Over 90 per cent of the province’s population live in Newfoundland, with the majority residing in or close to St John’s (the oldest English-established city in North America). The province’s economy has been booming in the past three or four years thanks to a resources boom, having been largely stagnant since the 1990s following the collapse of the once all important fishing industry.

Map of Canada

As the second largest country in the world, there is a lot of Canada to choose from. There is bound to be a location that appeals to you, no matter your preference in both geography or climate. We take a look at what Canada’s ten provinces and three territories have to offer newcomers.

Nova Scotia

The most popular Maritime province for new immigrants, Nova Scotia has a long history of immigration and was home to the country’s first permanent European settlement. Moderated by ocean influences (Nova Scotia is almost completely surrounded by water), the province’s climate is one of the mildest in Canada. Although Nova Scotia is the country’s second smallest province, it is also the second most densely populated, with capital Halifax particularly popular among newcomers. Natural resources have traditionally been the major driver of the province’s economy, but in recent years, tourism, aerospace and technology have all become increasingly important.

Ontario

Home to Toronto, Canada’s largest city and the country’s cultural and economic hub, as well as national capital Ottawa, Ontario is the country’s most populous province and has long been the preferred destination for new immigrants. The natural beauty of the Great Lakes combined with the transport links they provide for manufacturing and industry in the area, attract the majority of the province’s residents to settle towards southern Ontario. The southern reaches also benefit from warm, humid summers, with winters becoming longer and harsher the further north you travel.

Prince Edward Island

Canada’s smallest province – in terms of both size and population – Prince Edward Island (PEI) is perhaps best known for providing the setting to Lucy Maud Montgomery’s novel Anne of Green Gables. As with all of Canada’s Maritime Provinces, PEI has a continental, Atlantic climate which brings pleasant summers and cold winters, although not as cold as those found towards the centre of the country. Many of the province’s communities are reliant on the fishing and tourism industries. Capital Charlottetown is the only city of any noticeable size, being home to almost half of the province’s entire population.

Quebec

Canada’s only predominantly French speaking province, Quebec is Canada’s second-largest province with a majority of the population residing in and around the major cities of Montreal and the eponymously named Quebec City. Although part of Canada, many residents of Quebec consider the province to be an independent nation within Canada, although this is not a position which is officially recognised at federal level (that said, the province does administer its own immigration programme which is independent of the national system). The resources and technology industries are the province’s major economic drivers.

Saskatchewan

Home to Canada’s fastest growing economy, thanks to oil and other natural resources, the prairie province of Saskatchewan is becoming an increasingly popular settlement destination for new immigrants. As the province has no coastal influences to moderate its climate, it experiences huge extremes in temperatures with fairly hot summers but freezing cold winters. Regina and Saskatoon are the province’s two major residential centres. While oil has become increasingly important to Sask’s fortunes in the past few years, agriculture is also still extremely important.

The territories

In addition to these ten provinces, Canada also has three territories which are located in the cold, vast northern reaches of the country – Yukon, Northwest Territories and Nunavut. Unlike the provinces, the trio of territories are not governed by the Constitution Act of 1867 and are instead ruled by federal powers. Due to the climate and sparse, largely uninhabitable, landscapes they do not tend to be at all popular with newcomers, attracting only hundreds of new immigrants each year. Mining tends to be the key industry in the territories.

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