Canada

Canada is the fourth largest country in the world in terms of landmass, but has a population of just over 30 million inhabitants.

As a result it is sparsely populated with great tracts of unspoilt, picturesque, natural habitat and a wealth of wildlife.

This scenery and a range of vibrant, multilingual cities are what draw investors and tourists alike to the country.

In terms of property the Canadian market has been growing steadily in the new millennium, and although growth slowed slightly in 2004-05 the changes were not dramatic and prices have begun to increase again.

Long-term security

Indeed Canada appears to be one of the most secure long-term markets, providing moderate average house price increases year-on-year over the last decade.

Presently the market is buoyant - fuelled by the country's wealthy energy sector (GDP increased by 2.9 per cent in 2006 according to the World Bank) and high levels of inward migration – with no end in sight.

Demand has also been driven by the Canadians' strong desire to own rather than rent property.

During the early part of the year demand increases and this is perhaps the best time to invest, with springtime the most active period.

Indeed seasonal shifts in the market could be one of the most important factors in deciding where and when to invest in Canada, although the universal factors of affordability, demand and price are all also essential.

Furthermore, there are some additional costs to be aware of.

Additional costs

Land transfer tax is a government levy on property in the country, and is the responsibility of the buyer and can cost between 0.5 and two per cent – however some provinces are exempt.

This cost may be the most important, but there are a host of others; mortgage broker fees, appraisal fees, survey fees, mortgage insurance and estate agent fees are all applicable.

While prices have been rising, growth is largely located in the cities and costs are lower elsewhere.

The average house price in Vancouver is the highest in the country at $531,000 (£265,446), according to property investment website Living-Canada.com.

Toronto, $354,000 (£176,893) and Calgary, $376,000 (£187,887) are also among the most expensive, according to the organisation.

In terms of states, average house prices in British Columbia and Alberta are the most expensive, at $402,000 (£200,839) and $328,000 (£163,868) respectively.

Average house prices are expected to increase by up to ten per cent in 2007, according to Royal LePage Real Estate Services, with transactions up eight per cent.

The 2010 Vancouver Winter Olympics are also sure to push prices higher in the city.