Earlier this year, Richard presented at a Chicago Association of REALTORS event discussing Investment in Canada. Here is an excerpt from an article on doing business with Canada for the US REALTORS© generated from this event.
The USA and Canada share the longest undefended border in the world and 400,000 cross the border each day. This makes Canada an excellent opportunity for REALTORS© who are looking to expand their global experience. However, there are a lot of differences that need to be taken into account when doing business in Canada: from cultural differences and economic situation to various laws and regulations.
INVESTMENTS IN CANADA
According to Richard Silver of Sotheby’s International Realty Canada, net immigration is a big factor in price increases in Canada – Toronto alone has over 81.000 per year in net immigration. Low interest rates play a factor, as do schools and universities.
It’s important to note that Canada is one of the most stable governments in the world. The Canadian banking system is more conservative than the US, and encourages saving rather than spending. Note that Canadians cannot deduct interest payments from their taxes, unless it is an investment property – although they pay no capital gains on residential properties. All this information impacts investments in the country.
Read the full article here or click on the photo below.