What American Doctors Need to Know About Buying Real Estate in Canada
Moving to Canada as a Doctor? What You Really Need to Know About Real Estate
by Dr. Rob Beck
Welcome back, friends! This week’s episode of Interesting MD takes a different turn—away from stethoscopes and scrubs, toward something every relocating doctor (or anyone, honestly) needs to think about: real estate in Canada. If you’re an American physician considering the big leap north of the border, buckle in. I chatted with Victoria’s top realtor, Manpreet Kandola, to shed light on what you actually need to know before buying a home in Canada.
Why Bring Manpreet In?
If you’re like me, the learning curve around Canadian housing can be, let’s say, “bracing.” When my family and I moved north, there were a million questions (“What’s the deal with 5-year mortgage terms?!”). I knew you’d all appreciate some straight talk from someone who lives this business, and who also helped my family land on our feet here.
About Manpreet Kandola
Multi-award-winning realtor (RE/MAX, Victoria, BC)
Deep construction background—he was a finishing carpenter long before real estate
Not afraid to be brutally honest if a house isn’t worth it
Huge network of contacts (brokers, lawyers, off-market deals)
Personal note: Manpreet’s eye for details saved us from making some expensive mistakes when viewing homes. I trust him, so you can too.
The Need-To-Knows for American Physicians
The Realities of Canadian Banking
No 30-year fixed mortgages here! The maximum you’ll see is usually 5 years, sometimes less.
Getting approved isn’t a rubber-stamp affair. You almost always need at least 20% down, and more is even better.
Doctors are low risk: banks LOVE lending to you if you have a strong “signature.”
35% down? That’s the sweet spot for best rates.
Key Hurdles for Foreign Buyers
The Foreign Buyer Tax is real and substantial. If you aren’t a permanent resident or don’t have a work permit, you might get hit with a 20% tax on top of your purchase. (Double-check the rules—they can change and your immigration status matters.)
Engage a property-specific lawyer early. Manpreet recommends people like Tedge (who helped us out) for catching issues before you commit.
Start conversations with good mortgage brokers ASAP. If you need recommendations, just ask!
Market Trends and What Makes Victoria Unique
Victoria Highlights:
Best place to live and raise a family (I might be biased but most locals agree!)
You can walk to the hospital—my commute is 18 minutes on foot, a far cry from some major North American cities
Real estate is expensive, yes, but you get what you pay for in lifestyle
Market Insights:
Big cities (Toronto, Vancouver) are seeing some softening, especially in condos, but Victoria remains resilient
Supply and demand remain tight—good neighbourhoods hold their value
“Renewal cliff” alert: Most Canadians have to renew mortgages every 5 years, sometimes at much higher rates. There’s less risk of market collapse thanks to stricter lending rules, but calculate those renewals into your budget.
The further out you move from downtown cores, the more value you’ll get
What to Look for in a Realtor
Experience matters: Construction and reno know-how mean your agent won’t miss hidden defects
Local network: The best properties often sell “off market”—it’s who you know!
Comprehensive contacts: A strong agent connects you with the right mortgage broker, lawyer, inspector for your situation
Honest guidance: Find someone who will tell you not to buy a house if it’s wrong for you
Family, Lifestyle, and Settling In
Work-life balance is the real currency here: Short commutes, time outside, access to great schools, and a vibrant community make Victoria unbeatable for families
And yes, winters are milder, and outdoor activities are endless—think epic skiing, warm lakes in Kelowna, and ocean-side walks year-round
Final Thoughts
I want to make your transition as smooth as possible—no one should be overwhelmed by the “unknowns.” If you need:
Intro to Manpreet or another realtor in your target city
Contacts for brokers, lawyers, or just to bounce questions
A little reassurance (we’ve all been there!)
Email me at rob@interestingmd.com.
Like, subscribe, and share the Interesting MD podcast and YouTube channel.
Let’s help each other build a great life, not just a career.
See you in the next episode!
—Rob
P.S. If you want an intro to a specific professional or just have a burning real estate question, drop me a note. I’m here to help.
Contact Info:
Manpreet Kandola, RE/MAX Camosun
Direct: 250-813-1705
info@soldvictoria.com