Anyone bought property in Canada recently??
20 February 2009, 08:53 PM
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Anyone bought property in Canada recently??
Been watching the market in Canada for a while now.
Looking in the area west of Montreal, Mont Tremblant to be exact.
Had my eye on a few properties that have not moved for almost a year now.
Asking around £145,000 Sterling for one that I like and have been advised that I could offer around £120,000 Sterling for it (by the agent) and this was back in September.
Im short of money after having to stick it into my UK property so Im down to about £100,000 Sterling for the second property. I have just asked the question to the agent to see if they would even consider asking the seller if they would look at an offer of £100,000. Not sure what the reply will be.
Has anyone else been buying over seas, Canada or else where?? And what have you managed to go under the asking price by in percentage figures??
Just wondering.
Looking in the area west of Montreal, Mont Tremblant to be exact.
Had my eye on a few properties that have not moved for almost a year now.
Asking around £145,000 Sterling for one that I like and have been advised that I could offer around £120,000 Sterling for it (by the agent) and this was back in September.
Im short of money after having to stick it into my UK property so Im down to about £100,000 Sterling for the second property. I have just asked the question to the agent to see if they would even consider asking the seller if they would look at an offer of £100,000. Not sure what the reply will be.
Has anyone else been buying over seas, Canada or else where?? And what have you managed to go under the asking price by in percentage figures??
Just wondering.
20 February 2009, 09:19 PM
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We've just purchased our first house here in Canada (30 min drive from downtown Toronto). It does appear to be a buyers market at the moment. We've been looking at places for quite some time now and have noticed the stagnation in the market. We did view a lot of houses and some of them were seriously overpriced by the owners/agents and stayed on the market for a very long time, then were re-listed at a more reasonable price.
£145k is aprox CAD$261k, and £120k is $216k, that's a $45k difference, which is a fair drop. £100k would be $180k, so that's a difference of $81k, that is a hell of a drop, and to be honest, unless the place is severely overvalued, I can see the agent saying that the client will tell you to sling your hook.
When we were looking at making offers, the max we were going to lower the asking price by was $20k, and that is based on a severe over pricing by the agent. The realtors over here tend to work up comparables on other properties in the area, so you can see if it's overpriced or not.
The thing to be wary about is if you go in too low, then the seller could tell you to bugger off, and may not entertain another offer from you, even if it's higher, as they could see you as messing them around. Yes, you're trying to get a deal, but there's going in with a decent offer and then there is trying to take the pish.
Is there a particular reason you want to own property in Canada? Will you be emigrating to Canada? Also, when you come to sell you'll obviously have to pay tax on any profit made during the sale.
£145k is aprox CAD$261k, and £120k is $216k, that's a $45k difference, which is a fair drop. £100k would be $180k, so that's a difference of $81k, that is a hell of a drop, and to be honest, unless the place is severely overvalued, I can see the agent saying that the client will tell you to sling your hook.
When we were looking at making offers, the max we were going to lower the asking price by was $20k, and that is based on a severe over pricing by the agent. The realtors over here tend to work up comparables on other properties in the area, so you can see if it's overpriced or not.
The thing to be wary about is if you go in too low, then the seller could tell you to bugger off, and may not entertain another offer from you, even if it's higher, as they could see you as messing them around. Yes, you're trying to get a deal, but there's going in with a decent offer and then there is trying to take the pish.
Is there a particular reason you want to own property in Canada? Will you be emigrating to Canada? Also, when you come to sell you'll obviously have to pay tax on any profit made during the sale.
Last edited by Markus; 20 February 2009 at 09:21 PM.
20 February 2009, 09:35 PM
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Markus,
Thanks for the reply.
Im looking at Canada for a couple of reasons. I benefit from being out of the Uk for Tax purposes and have always wanted to live there.It would be handy to own a place that I could spend some time out of the UK in.
I would emigrate there but I need to convince my wife and I figure that there is no better way than to have her settle into her own place out there when we are over for visits.
I am in the Oil and Gas business and can move to anywhere in the world, so it is my oyster so to speak.
I have done the research on the education system, health system, government, economy etc. I like what I read and hear.
I understand what you are saying about making low offers. I am simply looking at it from my own point of view. If I was willing to accept 120K for my house and it had not moved for over a year then I would look at considering a serious offer of 100K if I wanted to move the property. Its not miles way in my opinion. Plus I was being honest with the agent so she knew where we stood.
How did you get on buying your first property over there then??
Trouble free??
The agents and banks seem very helpful and keen for business.
Thanks for the reply.
Im looking at Canada for a couple of reasons. I benefit from being out of the Uk for Tax purposes and have always wanted to live there.It would be handy to own a place that I could spend some time out of the UK in.
I would emigrate there but I need to convince my wife and I figure that there is no better way than to have her settle into her own place out there when we are over for visits.
I am in the Oil and Gas business and can move to anywhere in the world, so it is my oyster so to speak.
I have done the research on the education system, health system, government, economy etc. I like what I read and hear.
I understand what you are saying about making low offers. I am simply looking at it from my own point of view. If I was willing to accept 120K for my house and it had not moved for over a year then I would look at considering a serious offer of 100K if I wanted to move the property. Its not miles way in my opinion. Plus I was being honest with the agent so she knew where we stood.
How did you get on buying your first property over there then??
Trouble free??
The agents and banks seem very helpful and keen for business.
20 February 2009, 10:28 PM
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I live just 30 mins south of Calgary and yes the market as dropped , Heard a lot of Brit's are getting some real bargains, House near me was $570.000 and now down to $420.000 ... think it sold the other week.
We came here in August 2007 and bought as the prices peaked, but then again we sold just before they started to drop in the UK. Alberta is the one province to be least affected by the recession so I read the other week, So you may want to look elsewhere in Canada , Some cracking deals in Nova Scotia at the moment ..Look on www.mls.ca
We came here in August 2007 and bought as the prices peaked, but then again we sold just before they started to drop in the UK. Alberta is the one province to be least affected by the recession so I read the other week, So you may want to look elsewhere in Canada , Some cracking deals in Nova Scotia at the moment ..Look on www.mls.ca
21 February 2009, 07:29 PM
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kbsub,
Thanks for the link, good site to have.
Been looking in NS, PEI , etc, not as keen on the area due to the fact its a little bit more remote. I like Montreal area as its still close to NY.
The hunt continues
Thanks for the link, good site to have.
Been looking in NS, PEI , etc, not as keen on the area due to the fact its a little bit more remote. I like Montreal area as its still close to NY.
The hunt continues
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