With more Americans travelling across the border and moving to potentially greener pastures in Canada, it sparks the question: how easily can they buy property in cities like Vancouver?
The reality isn’t just related to the Americans choosing to escape politically challenging conditions but also as a result of groups, including the B.C. Ministry of Health, recruiting American workers.
That was revealed earlier this month when the ministry announced it was taking action to attract doctors and nurses from the U.S. due to the “uncertainty and chaos” unfolding across the border.
Maybe you’re an American citizen dealing with this reality, or perhaps you’re just a curious B.C. resident. In either case, we’ve gained some insights from a local realtor to help us understand what purchasing property as an American entails.
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B.C. has been experiencing a housing supply shortage for years. An influx of American residents doesn’t necessarily help things when it comes to the supply crunch, but it is a reality that will exist nonetheless, especially when you consider the province courting American healthcare professionals.
There is no citizenship or PR requirement to purchase property in Canada. However, if you’re unsure about certain realities about moving to Canada, Calderwood said you may want to consider hiring an immigration lawyer.
“They can navigate the complex Canadian immigration process, ensuring your application is complete and accurate and increasing your chances of a successful outcome,” Calderwood notes.
One crucial thing to consider is the foreign buyer ban, which, according to realtor Holly Calderwood, no longer applies to vacant land zoned for residential and mixed-use. It also doesn’t apply to vacation homes and property types like cottages. The Canadian Mortgage and Housing Corporation has more details about the ban and its application in specific scenarios.
Be advised that buying a property does not grant residency or citizenship.
Calderwood also recommends looking into a bank that allows newcomers to open an account from abroad before arriving in Canada.
“This can often be done online, where you provide the necessary identification and set up your account so it’s ready to use upon your arrival,” she said.
One of those banks is the Royal Bank of Canada, which offers valuable tools and a checklist for moving to Canada.
After sifting through some of the administrative hurdles, it is just a matter of finding land or a home that is right for you.
Calderwood has also offered to help potential American buyers with some logistical hurdles of buying property in Canada. Calderwood has also put a disclaimer in some of her listings, like this massive piece of land for sale for nearly $15 million, saying that the foreign buyer ban doesn’t apply.
Are you an American looking to escape the U.S. to purchase property in Canada? Let us know in the comments or email Vancouver@DailyHive.com to share your story.