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Expats rent before buying home Canada

People in the UK who are planning to set up home in Canada have been advised to rent a home, rather than purchase a property straight away.

According to ExpatFocus.com, different parts of the country "vary dramatically", particularly in cultural terms.

For instance, he noted that Toronto has large Italian and Portuguese communities, as well as considerable numbers of Greek and Chinese people.

As a result, renting a property first would help foreign nationals work out whether they are likely to fit in to a certain location without having committed to buying a house.

ExpatFocus.com said property rentals tend to be negotiated with the owner of the building directly.

Would-be tenants were told they can expect to pay two months' rent up front, while most rental properties are likely to be unfurnished.

"When you are ready to buy, the higher the deposit, the lower the interest rate, so it is worth waiting until you have at least a 20 per cent deposit," a spokeswoman for ExpatFocus.com said.

"Real estate agents are licensed and using one is the best way of finding a home, once you have decided on the area you wish to live in."

She noted that they will be ideally placed to provide advice on what incentives for first-time buyers are currently on offer from the Canadian government.

The representative went on to suggest prospective buyers arrange a mortgage either with their current bank or speak with a mortgage broker to try and find a good deal.

However, aspiring expats may need to consider a number of issues if they wish to set up a bank account in Canada.

For instance, ExpatFocus.com stated that a person will need to go to a branch in person and present a valid piece of Canadian identification. This could include a driving licence, a health card, a permanent residency card or a Social Insurance Number card.

The spokeswoman added that it is up to each individual bank whether or not to accept a Confirmation of Permanent Residence document, since federal law states this is not a permissible form of identification.

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