How to quickly transfer money to Canada to buy a house? What are the housing prices in Canada and ot

In recent years, many people have planned to move overseas or even immigrate permanently. Popular destinations include the United Kingdom, Canada, Australia, and Japan. Since they plan to live there for a long time, many people will consider buying a house locally. Do you need to consider the issue of fund transfer? How to remit money to countries such as Canada? Also, do you know the real estate market situation and some important information about buying a house in your destination? Read on carefully, and this article will answer your questions.

How to remit money

First, let’s talk about the issue of remittance. You can choose to use BiyaPay, which supports real-time exchange rate inquiry and exchange of more than 20 legal currencies and more than 200 digital currencies, providing a more convenient and efficient solution. It mainly has the following advantages:

Local transfer method: Integrates local transfer methods in most regions, allowing for zero cost intermediate bank transfer to Canada.

Unlimited amount: Support overseas remittances in most countries or regions around the world, with no limit on the remittance amount.

Instant arrival: It can achieve instant arrival and provide efficient service.

Legal and safe: Global remittances are completed online, supporting full-process chain tracking and having multiple compliance qualifications.

Next, let’s take a look at the housing prices in various countries.

Buying a house in Canada

As of June 2024, the national average housing price in Canada is CAD 733,300, while the housing prices in British Columbia and Ontario, where more people gather, are as high as CAD 1,001,736 and CAD 890,634.

Although Canada has implemented a temporary “home purchase ban” for foreigners, holders of work visas (such as OWP) are not subject to this restriction. However, non-Canadian citizens or permanent residents still need to pay a Non-Resident Speculation Tax of up to 25% when purchasing a house in Ontario. Therefore, it is recommended to consider purchasing a house after obtaining permanent resident status, as the chances of mortgage approval are higher and more favorable interest rates and mortgage ratios may be available.

Buying a house in the United Kingdom

As of June 2024, the national average property price in the United Kingdom is £281,373. Most people would consider buying a house in England, where the average property price is £306,000.

When buying a house in the United Kingdom, you can choose to purchase freehold or leasehold properties. The advantage of freehold is that you will fully own the property without paying rent, and have complete control and use of the property without time restrictions.

The United Kingdom provides stamp duty incentives for first-time home buyers worldwide. If you are buying a house for the first time globally and the price is below £425,000, you can enjoy the exemption from stamp duty. However, this discount only applies to prices not exceeding £625,000, followed by a 5% SDLT tax rate. Holding a BNO visa can also apply for a mortgage in the United Kingdom. If you want to get the most favorable and suitable mortgage conditions, you can consider using a mortgage broker.

Buying a house in Australia

As of June 2024, the median house price in Australia is AUD 1,026,903. The median house price in Sydney, a popular area for buying houses, is as high as AUD 1,441,957. The median house price in Melbourne is AUD 937,289, while the median house price in Brisbane is AUD 937,479.

Foreigners who want to buy a house in Australia need to apply for “Foreign Investment Approval” from the Foreign Investment Board (FIRB). Even individuals holding temporary residence visas in Australia (such as student visas and work visas) are considered temporary residents and must apply for this. Unless buying a house for self-occupation, it is generally not allowed to buy second-hand properties.

When buying a house in Australia, in addition to paying a down payment equivalent to 60% to 80% of the house price, you also need to pay FIRB review fees, stamp duty, lawyer fees and commissions. The review fee varies depending on the property price, ranging from AUD 5,700 to AUD 104,100.

Buying a house in Japan

As of June 2024, the average price of apartments in the Japanese capital region (i.e. the three prefectures centered on Tokyo) is 76.22 million yen, while in the Kinki region (covering Osaka, Kyoto, Hyogo, Nara, Shiga, and Wakayama prefectures), the average price of apartments is 41.76 million yen.

Foreigners who purchase real estate in Tokyo can fully own the permanent ownership of buildings and land, and have the right to manage the assets and transfer them to future generations. Due to the aging population in Japan, Japan provides a large number of reasonably priced vacant houses. Some people choose to buy such old buildings and then rebuild them, which is a low-cost way to acquire Japanese land.

It is worth noting that owning Japanese property will not bring you residency or visas. If you plan to buy cattle across the mountain and invest in Japanese properties for rent, you can contact some agency companies that provide one-stop rental management services.

Notes on buying a house overseas

When purchasing overseas property, if you choose to apply for a mortgage from a local bank, you will need to pay the monthly mortgage in local currency. This method may face the risk of foreign exchange fluctuations, especially if you need to regularly remit money from local banks to pay the mortgage.

Some investors may consider using overseas property mortgages to hedge against foreign exchange volatility risks. In this way, loans and property purchases use the same currency, thereby reducing the direct impact of exchange rate fluctuations on mortgage payments. However, this method usually requires a higher initial capital investment, as many banks may require higher down payment ratios and may have stricter loan conditions.

In addition, buying a house overseas is not without risks. There are some pitfalls in the market, such as fraud by fake owners, “abandoned” projects, and limited property rights that may be difficult to obtain mortgages.

Therefore, when choosing to buy a house, one should carefully select reputable local real estate agents and developers. If you plan to hire an overseas property consultant, it is highly recommended to personally visit the destination to avoid relying entirely on others to handle all home purchase matters and reduce risks.

Summary

The above is a brief introduction to the housing prices in some popular countries. The specific data may vary slightly. You can also check the detailed information of the destination country by yourself. I wish you all a smooth home purchase!