In the past, many immigrants to Canada came by sea–often landing at Pier 21 in Halifax. Nowadays, as a new Canadian, you are more than likely to touch down at Vancouver International Airport after a journey of several hours rather than days or weeks. Either way, once on the ground, making a financial start has always been a tough route. Thankfully, today’s evolution of technology makes it easier to prove your creditworthiness in Canada, and to qualify for a mortgage in order to buy your first home here.
Canada Mortgage and Housing Corp. has also produced The Newcomer’s Guide to Canadian Housing, which includes a section on what to consider when buying a home in Canada.
“One of the key things … is credit. You have to find some sort of credit history,” says Jim Rawson, regional manager of Invis mortgage brokerage firm in Toronto. “With the Internet, with easy access to information, we can now check credit from just about anywhere, so we can get credit histories much easier than we could in the past.”
As with any financial agreement, your credit status will determine how much you can borrow.
“There are different kinds of qualifications, depending on how long you’ve been here and depending on whether you have a job or not, whether you’re landed immigrants or here on work permits,” Mr. Rawson says. “But there are several lenders that have new-immigrant policies.”
Every country has its own customs and laws when it comes to home purchasing, and Canada is no different. Colleagues and friends can be a good source of recommendations for trusted accredited real estate agents, lawyers and mortgage brokers to guide you through the process. Canada Mortgage and Housing Corp. has also produced The Newcomer’s Guide to Canadian Housing, which includes a section on what to consider when buying a home in Canada — right from scoping out a location, to the documents required, to budgeting for the many expenses involved, and the process of making an offer.
If you’re looking for a home in Burnaby, New Westminter or Vancouver, please call or email me. I’m an expert in apartments, townhomes and apartments in the above areas. Let me help you with your real estate needs.
