We do not currently offer insurance for property in Canada
It is only recently that Brits have started to turn their attention to Canada as a place to invest in a second or Holiday Home. Mention Canada to anyone and straight away they will think of the great outdoors, in fact Canada is second only to Russia in terms of land size and is renowned for it’s sheer natural beauty. The vast majority of the population ( 30 million ) live in the south and thus these leaves vast expanses of land that are sparsely populated and can often take several weeks to cross. This wilderness country is proving extremely popularly with stressed out Brits and nearly 1 million people a year are travelling to Canada as a holiday and many like it so much they decide to buy a second home.
Canada is a country of great contrasts, from temperate in the South to artic and sub artic in the North. There is a never ending supply of lakes rivers mountains and wildlife. There are some breathtaking regions to visit, including Ontario, Quebec, Prince Edward Island, Nova Scotia, the Northwest Territories and many more. Canada is well known for it’s outdoor activities and in recent years a number of it’s ski resorts ( which had been quietly fashionable for quite a while) have been attracting overseas investors, the season often lasts from November to June so the possibility of obtaining a good rental income is high. Because of the high Airfare costs, Canada ski resorts have remained a secret, many believe them to be superior to those available in Europe and many people are now discovering them for the first time.
A number of factors are helping to open up the holiday home market in Canada. Firstly, airfares between Britain and Canada are at an all time low and this has made transportation between the two counties to be reasonably attractive. Secondly, property prices are still quite low especially in the winter ski resorts where most of the British interest is focussed. Housing price growth is expected to soar in Canada and the emerging buy to let and holiday home market is helping to keep prices strong.
The Eastern resorts are proving the most popular at the present moment. Newfoundland, Prince Edward Island, Nova Scotia and New Brunswick all have health property markets On many occasions a second or holiday home is purchased with a view to obtaining an income when the property is not in use by the owner.
Like most countries Canada does how regulations relating to the renting of property and to this end and because of the distances involved many people find that appointing a local agent can be of great assistance. if you appoint a property manager to look after your property, they will be able to investigate and make sure your property adheres to all local regulations and/or legislation including zoning, necessary permits, licenses, occupancy taxes, and safety compliance. If it is not you intention to appoint a local representative, you will need to do research and make sure that your property is compliant will all local laws before you actually rent it out.