Genuine and Gencan Lam, the brother duo of Genuine+Gencan Real Estate are real estate professionals with over 20 years of combined experience in the field, but they are much more than that blanket statement. They serve real estate clients both domestically and internationally, property management, staging, marketing, branding and design. Additionally, they bring in-depth knowledge of the Greater Toronto Area and its many diverse neighbourhoods to their partnerships with every client. They are also multilingual, meaning they’re happy and comfortable to communicate with you in either Mandarin, Cantonese or English, whether in speech or text.
A spotlight on aesthetics and carefully curated properties has set G+G apart. Reliance and service are the core for both sellers and buyers. At the very heart of G+G is a focus on the visual, marketing and a clearer expression is what distinguishes us.
G+G attribute their years of success in business and real estate to a vital mix of discipline, passion, an entrepreneurial mindset, plus good old-fashioned hard work. They are hustlers in the very best sense of the word! These same qualities that drive their work in the real estate industry in Toronto have led them to be recipients of the highest awards in their company, Landpower Real Estate. These include the #1 Producer award in 2020. Consistency is essential and they have been proving that year after year while achieving the Hall of Fame award (highest tier) for the last three years.
Genuine + Gencan delivers unparalleled professionalism, integrity, and service. They take a decidedly right-brained approach while never abandoning the left. An aesthetic driven, analytical methodology to finding and selling homes. Because curating and ultimately selecting the ideal home for each unique individual is a science, but also an art.
Before purchasing any properties in Canada, investors should consider the unique nature of the country’s market. Property prices have not just recovered stress-test of COVID-19, but shot to the moon. Low-interestrates and pent-up demand exploded in a recent buying crazy that sent Canadian property prices sky-high.
After a few months of crazed activity, buyers seem to be tapering back. But pent up demand leading to high asset prices is not the only trend. Recent waves of immigration and a rapid acceleration of property technology have turbo-charged overseas investment – especially from Hong Kong and China – all over Canada.
As a whole, the country’s international hubs, political reliability, and relaxed way of life create a wide range of solid investment choices.
Buying as a Foreigner
Pent up demand exceeds supply – we write about the same phenomenon in the UK and Australia – so properties are rather pricey and difficult to find. For that reason, online portals and overseas agentsare more important than ever to make sure the process is accommodating and secure.
In terms of laws and regulations, Canada is rather open to foreign investors, since the country does not have any citizenship or residency requirement for purchase now.
With that said, foreign purchasers should be away from the Non-Resident Speculation Tax, also known as NRST, which can be up to 15% of property value. This mechanism has been put in place to reduce wide price fluctuations from foreign investment, although there are a number of exceptions to the Non-Resident Tax.
Owning a home in Canada
Homeownership is popular, with this report showing nearly 70% of the population as owners of the home they live in. The rate of homeownership is stable at its high and has not fluctuated too much since the late ’90s.
Since there are no citizenship rules for owning property in Canada, foreigners get easy access to all kinds of real estate – one of the major reasons why the country is highly attractive for foreign investors. The rate of properties owned by non-residents can be as high as nearly 15% in Vancouver.
Another 2019 report stated that the average value of non-resident owned condos was higher than resident-owned condos; Non-resident condos were higher by 29.1%, 20.2% and 10.8%, for British Colombia, Ontario and Nova Scotia, respectively. The same report also mentioned that most resident-owned properties had more than one owner, while most foreign-owned properties were owned by a single individual.
Canada has a credit score system to measure whether a candidate is eligible to get a mortgage load. A credit score is essentially the net worth and reliability of an individual summed up in 3 digits, with the minimum being 300, maxing out at 850.
The higher the credit score, the greater the chances of getting a mortgage. Any score above 600 should be eligible in most cases, with less of an interest rate the higher your rating.
Strong returns to investment
Investing in a property is a huge investment. And, if invested right, solid ROI can be generated quickly. It is true that the major cities are costly to invest in, but properties in these cities are in high demand since they are home to millions of students and workers who are far away from home and are always in search for a good place to rent.
In Toronto, the average rent for a condo is easily CAD 1,500. Rent goes even higher depending on the location and the size of the apartment. Overall, research by the Global Property Guide puts the gross annual rental yields at 3.91%. That is a whole percentage more than the USA.
For buyers not interested in the main metro areas of Vancouver or Toronto, Money Sense suggests Woodstock and Ingersoll, Ont. for high returns. More on their thoughts, here. Smaller towns and cities offer lower break-in points with a usually higher yield, for the sake of lower capital appreciation.
Now that you’re here…
At Denzity, we help you find your next overseas property. If you have any enquiries about the above properties, or questions about the process, reach out to our team here. Stay tuned for more investor focused content, financial advice, and industry updates.