Are you looking to buy land for development in Canada? It’s an exciting but complex process and it’s important to have a checklist to ensure you’re making the best decisions. In this guide, we’ll go over a complete checklist to buying land for development in Canada, brought to you by the experts at GILKO CAPITAL.
Location: The location of the land is one of the most important factors to consider. You’ll want to ensure the land is located in a desirable area with good accessibility to major roads, amenities and transportation.
Zoning: Check with the local government to confirm the zoning regulations for the land. Ensure the land is zoned for your desired use and that the intended use aligns with the city’s long-term plans.
Site Features: Look at the land’s topography, drainage, soil conditions and other site features. Check for any natural features such as wetlands, watercourses, or other sensitive areas that may affect the land’s developability.
Environmental Factors: Check for any environmental issues such as soil contamination or hazardous waste on the property. Consider hiring an environmental consultant to conduct a Phase 1 environmental site assessment.
Title Search: Hire a lawyer to conduct a title search to ensure there are no issues with the land’s title. This will confirm ownership, any liens or encumbrances on the land, and any easements or right-of-ways that may affect the property.
Infrastructure: Ensure the land has access to essential infrastructure such as water, sewer, and electricity. Check with local service providers to confirm availability and any necessary upgrades.
Land Survey: Hire a land surveyor to conduct a boundary survey to confirm the exact size and boundaries of the land.
Market Analysis: Conduct a market analysis to determine the current demand and supply for your intended use of the land. This will help determine the feasibility of the project.
Financial Analysis: Prepare a financial analysis to determine the project’s viability, including construction costs, financing costs and projected revenue and profits.
Permits and Approvals: Check with the local government to determine what permits and approvals are required for the intended use of the land. This may include zoning changes, building permits, and environmental approvals.
By following this checklist, you’ll be better prepared to make informed decisions when buying land for development in Canada. At GILKO CAPITAL, we specialize in land loans and can help you finance your project. Contact us today to learn more.
