Those who are planning on moving to Canada, our neighbors in the north, after the 2016 election might have a harder time than they think. The interest in immigration to Canada was so overwhelming as the election results rolled in that the Canadian Immigration Website actually crashed, displaying a “500 – Internal server error” message for hours according to the Seattle PI.
Although immigration to Canada might seem like a viable option for those upset by the election results, the process and associated costs might stop you. Here is what you need to know:
The Real Estate Market
Canada welcomes buyers from all countries to purchase real estate and the home-buying process is largely similar to that of the U.S., but prospective American buyers might be shocked by the prices of properties within the market.
Within the greater Vancouver real estate market the benchmark price for a home is 1.09 million dollars, and yes, that is in USD rather than CAD. According to the Seattle PI, Prospective buyers will also have to take into account a number of Canadian property taxes; there is a 15% foreign buyer transfer tax as well as a property transfer tax (which is 1% on the first $200,000, 2% on the value between $200,000 and $2 million, and 3% on any remainder past $2 million). This high barrier of entry into the Canadian real estate market might make some Americans think twice about their move to the great white north.
Aside from the pricey real estate market, Americans thinking of moving to Canada also need to take into account the immigration process. Those hoping for citizenship must first become permanent residents and live in Canada for at least two years within a five-year period. The process of obtaining permanent resident status is long and complicated, even marrying a Canadian citizen will not guarantee you citizenship privileges.
For more information please visit: “Got dreams of moving to Canada? You probably can’t afford it” | Seattle PI