Unlike its southern neighbor, the Canadian real estate market has succeeded over the troubles and kept solid these past couple of years. As the economy started to recover from the results of the economic crisis, local real estate property industry within Canada have been continuously moving upward.

Unlike its southern neighbor, the Canadian real estate market has succeeded over the troubles and kept solid these past couple of years. As the economy started to recover from the results of the economic crisis, local real estate property industry within Canada have been continuously moving upward.

During the last few years, house values of 2 storey single family residences have risen and it appears to carry on throughout the year 2012 in line with the statistics for the initial three months of the year. Canada Mortgage and Housing Corporation or CMHC, which is the country's government agency for national housing, revealed that the growth of real estate within Ontario is because of the enormous investment being poured into condominium construction, wherein the volume of constructions rose by more than 50 percent in March of this year.

Townhouses, on the other hand, are witnessing tremendous growth in Montreal (Province of Quebec's largest city) much faster than some other housing types proven by the soaring unit prices. Townhouses are common in cities such as Montreal as they are normally situated within the city unlike one-family homes that are built outside the city center. In Canada it should not be difficult to find a great property regardless if you are a resident or non-resident. Non-residents in Canada do not have any limitations to be concerned about when purchasing real estate inside the country, although there are specific income tax laws they should follow. The legal right to purchase real estate property is provided to those that have non-resident status or people who live in the country 6 months or less. Even foreigners are eligible to purchase property or land in the majority of provinces, although with several limits to the amount that they can purchase.

To get a first hand experience of what Canadian life is all about, foreign buyers are going for apartment homes that are situated in many parts of the country. Foreign home buyers normally have massive appetite for real estate in key southern cities. Virtually all dealings pertaining to an acquisition of Canadian real estate (and most other areas) are subject to government rules. A preliminary contract known either as the Offer to Purchase or Agreement of Purchase and Sale is entered by the transacting parties once a sale price has been agreed. About 35% of the purchase price will then be paid out by the buyer of the property as a downpayment. Finally, a public official just like a notary (for Quebec) or solicitor (for other provinces) is called to oversee the last stage of the real estate property deal. Following the 2008 economic meltdown, Canada's real estate sector was a lot more resilient in comparison with that in the U.S. If you are a buyer wanting to take full advantage of Canada's booming real estate industry, search here