Telegraph chooses Canada as number one safe haven for property abroad
As an economic hurricane rages through traditional destinations in Europe and the US, buyers must look abroad to property safe havens.
In a recent study, top British newspaper The Telegraph has reported Canada as being the number one safe haven for property abroad. While the euro is in crisis. stock markets are in freefall, two prime ministers have been sacked, Italian debt is at record levels and America’s annual budget deficit is measured in trillions the time has arrived to search for safe havens. The Telegraph selected 10 destinations to include Switzerland, Hong Kong and Gibraltar. Canada ranked first for the following reasons:
The US housing market is in intensive care. One-in-four homes is in negative equity and mortgage foreclosures are rising. But across the border in Canada, the story is very different. The Canada Mortgage and Housing Corporation predicts sales and prices will rise by up to five per cent next year.
Brits tend to prefer Eastern Canada, because it is only five to seven hours’ flight from the UK, and has plentiful leisure and ski resorts around Newfoundland and Quebec.
The country has a French-style buying process. A notary carries out conveyancing, and transaction costs are often 15 per cent of the price. You pay 25 per cent capital gains tax when you sell but, unlike the rest of North America, Canada is still seeing capital gains.
Because space is plentiful, the choice is vast. There are ski chalets in Mont Tremblant, Quebec, for as little as £200,000, while timber lodges in parts of the Rockies can be even less. Websites such as sportfishcanada.ca list private sales of cabins at modest prices. More flamboyant buyers may prefer Nova Scotia’s spectacular coastline or a sought-after location close to capital city Halifax.
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