Quality of Life

Vancouver, BC, Canada ranked as no.1 in the Quality of Life Index 2022 in a survey of more than 20,000 people across 73 countries which looked at nine different aspects including economic stability, job market, family friendliness and more.

Best properties in Vancouver to live

Well, thanks to its strong economy, low crime rates and great weather, that crown goes to Vancouver Westside. Not only is Vancouver the best place to live overall, it's voted the best place for new Canadian immigrants, the third best place to retire and the fifth best place to raise a family. With many condos recently constructed in recent years, they are a deal of great choices in deciding on which real estate to buy or rent.

Cost of Living

According to the 2020 Cost of Living Index, Winnipeg, Victoria and Vancouver were in the top 30 most expensive cities in the world. Many Vancouver houses rose significantly in prices for the last 10 years. Many apartments and other real estate property prices also have a dramatic climb in price. It is recommended to review property prices if you want to buy

Property affordability

Vancouver Canada was ranked as 85th in the 2020 Affordability Index by Numbeo with property prices being high in comparison to other countries around the world however it really does depend on which state you decide to move to. The price also depends whether you are look for Vancouver house, Vancouver condos, Vancouver mansions or Vancouver apartments. There are simply many luxury real estate to choose from and many of these properties are situated at Vancouver Westside.

Find a reliable and helpful realtor

Vancouver Real Estates are conducted through a realtor. Two in fact - one for the seller and one for the buyer. The good news is that if the seller is using a realtor, he or she will pay both their realtor's fees and yours. If the seller isn't using a realtor, be sure to agree who is going to pay your realtor's fees - these need to be decided early so there will be no surprises later on.

Get a pre-qualified mortgage

If you need a mortgage, then you'll be told the answer to this question quickly and in no uncertain terms. As a rule of thumb, according to Vancouver Canada Mortgage and Housing Corporation (CMHC), your monthly housing costs (mortgage payments and utilities etc) should not exceed 30% of your gross monthly income and your entire monthly debt load (your mortgage payments plus those of all your other debts) should be no more than 40% of your gross monthly income.

Finding a property

It's great to know what type of property you are looking for before speaking to a realtor. Detached? Vancouver Townhouse? Vancouver Apartment? Vancouver House? Other? And, find out how much you can afford by researching mortgages before you speak to your realtor, and make sure you speak to a Canadian Mortgage Broker as you won't be able to use a foreign bank to get your mortgage.

Once you know exactly what you can afford - and not before - start looking online to see what grabs your fancy. Whether you are buying a home for your family or simply buying for real estate investment purposes, there are many local real estate listing services that lists hundreds of thousands of houses for sale Vancouver across the whole city. And once you've seen a few that you like, ask your realtor to preview them for you to help you choose the right one for you.

Get your real estate lawyer involved

In Vancouver Canada, it's common practice only to involve a lawyer in the later stages of buying a property. Their principal jobs are to review the paperwork, conduct a title search, register the deeds, look after the transfer of funds, and generally help you avoid falling foul of any traps. But the earlier you involve them, the better. Not only could they save you time and money, they could reduce the risks. If friends and family are unable to recommend someone, find a lawyer through the law society of your province or through your realtor.

If you're a non-resident, make sure you find a lawyer familiar with the intricacies of overseas property ownership. They can help you sign the contract and transfer monies for the purchase.

Getting a mortgage in Vancouver, British Columbia

In Vancouver Canada, the minimum down-payment on a property is 5%. If you're putting down less than 20%, you'll need mortgage default insurance, either from CMHC (Canadian Mortgage and Housing Corporation) or a private insurer. To obtain this, you'll need to be able to satisfy the insurer that you're going to be able to service the mortgage repayments.

If you're a non-resident, you'll only be able to borrow 65% of the purchase price and so will need to stump up a down-payment of at least 35%. As foreign banks aren't allowed to register mortgages in Vancouver Canada, you'll have to use a local one. Expect plenty of interviews and demands for endless documentation and information.

Where to find a mortgage

You can go directly to a bank or to a mortgage broker. The advantage of the latter is that he or she will know the ins and outs of the mortgage marketplace and find one that suits your needs. They also get access to preferential rates. Brokers are especially useful if you fall outside the easy-to-assess ‘payroll monkey' category - for example, if you're self-employed, a contractor, own your own business etc. If you're non-resident, make sure you choose a broker who is familiar with mortgages for foreign buyers.

Many people will look into Immigration Canada as an option aside from other popular countries like Australia, United Kingdom or United States. In recent years, there are many who are considering moving to Canada from Hong Kong. There are also a number of new policies introduced by Canadian goverment making Canada Immigration HK much quicker and easier. For official information provided by the Canadian government, you can visit Canada IRCC (Immigration, Refugees and Citizenship Canada). Please note that Citizenship and Immigration Canada (CIC) is now known as Immigration, Refugees and Citizenship Canada (IRCC).

Many will also want to explore express entry to Canada if they are a student or they have been issued visa from a hiring company. If you are interested in Express Entry, you may want to learn about the Comprehensive Ranking System (CRS) where it a profile scoring system that determines your Express Entry eligibility.

Before deciding on immigration, many will look at housing or Vancouver rentals. If you decide not to buy a real estate, there are many house or apartments for rent in Vancouver. If you are student who wants to attend post secondary education, University of British Columbia (UBC) is a very popular University situated in Vancouver, B.C. Another great University situated in Burnaby BC is Simon Fraser University.

If you want to stay in Canada for the long term, either you can apply for Canadian Citizenship or you can consider apply for permanent residence (Canada PR). Alternatively, you can also see if there are Canadian companies where they are willing to issue worker visa. If you are a spouse, there is the option of spousal sponsorship. There is also a number of people who may opt the investment immigration approach. In other words, it is possible to obtain Canada Citizenship by investment.

If you are looking to travel to Canada to have a look from Hong Kong, there are two main Canada airlines, Air Canada and Cathay Pacific. The average flight travel time from Hong Kong to Vancouver is about 11 to 12 hours.