As a Real Estate Sales Representative it is our duty to educate our clients as much as possible. We have helped many people from different cities and countries. One thing I realized was that there just isn’t enough information out there to help guide new immigrants, and buying a house in Canada. The aim here isn’t to provide a complete guide, rather something to help you understand what you need to do in-order to purchase a home in Canada.

My hope is to better educate and equip people who are moving here to make the correct decisions. These decisions will ultimately shape the experiences you have in the initial years in Canada. The aim is for you to have no regrets.

Some interesting facts:

• The population of Canada is just 34,160,000 (July 2010).
• The approximate size of Canada is 9,984,670 sq.km making it the second largest country in the World.
• The number of immigrants to Canada in 2008 was approximately 519,722.

The last number is quite interesting. The data I have found has shown that the number of birth’s occurring in Canada is actually decreasing but the number of immigrant’s is increasing.

The following is information regarding the down-payment schedule whilst working with lenders in Canada.

For down payments less than 25%:

• Qualified home buyers who have landed status immigration to Canada from another country OR have been transferred to Canada by an employer oversees.
• Minimum 5% down payment ONLY if they can show credit history oversees (ie: US. Residents can show their international credit report – but some countries do not have credit reporting agencies therefore they cannot prove this!)
• Minimum 5% down payment with alternative sources of credit (ie: if a client is from a third world country that does not use international credit reporting system, they must reside in Canada for at least 12 months so that they can provide alternative source of  credit via letter from Canadian landlord stating clients have been paying rent on time over the past 12 months, also a bank reference letter from client’s bank here in Canada)
• Income qualification: minimum 3 months of employment here in Canada – This condition is waived for those individuals transferred under a corporate relocation program.
• Confirmation of down payment by 3 most recent months Canadian bank statements.
• In order to qualify for new to Canada mortgage program, clients must have immigrated or relocated to Canada within the last 36 months.

For down payments more than 25%:

• Qualified home buyers who have landed status immigration to Canada from another country OR have been transferred to Canada by an employer oversees.
• Minimum 25% down payment with bank reference letter from a bank oversees and 6 months bank statements from client’s bank accounts oversees to show assets.
• Confirmation of down payment by showing money transferred to Canadian bank account.
• Income qualification: minimum 3 months of employment here in Canada – This condition is waived for those individuals transferred under a corporate relocation program OR if there will be income coming from oversees this would be reviewed on a case by case situation.

Other key thing’s to consider when purchasing a home are:

• Schools
• Neighborhood
• Community
• Amenities
• Proximity to work
• Proximity to family / friends

All these thing’s are extremely important. It’s probably a good idea to think about these thing’s even before arriving. Be sure to have your Realtor arrange a needs analysis before searching for your new home – if you have done some prior research, your Realtor should be able to put places to words and pictures. It’s important to draw up a list of must-haves, like-to-haves, must-not-haves in-order to expedite the entire process.

If you have any questions contact us at 905-363-4622 or e-mail us at info@imississaugarealestate.com

Good Luck and welcome to Canada!