Mind if I ask why you came to Canada, and from where? You sound ultra prepared and like you didn't even need to adapt to this country because you somehow know what to expect...
Newcomer PR mortgage questions
- Thread starter iSaidGoodDay
- Start date
No worries! About your questions:
1. My life had way more distractions back home and I just wanted to focus on work for now. I've been sleeping very peacefully ever since I landed here. For the next 4-5 years, I just want to work on growing in my career, growing my own companies, etc and can't be asked to deal with distractions.
2. I migrated from India. Was on H1B in the US a few years ago, was a good place, but didn't enjoyed living there for a few reasons that may not be worth getting into. Canada has COL issues, but it offers what a lot of other countries can't for us immigrants(e.g. acceptance).
3. Tbh, not ultra-prepared, I grind a lot and have a very supportive partner that allows me to do what I love. I had to move somewhere to ensure my spouse/future kids also gets the same degree of freedom as I had. Canada became our top choice because of English, proximity to future markets that we can sell our products to (US) and after looking at every other quality of life indicator (apart from cost of living and healthcare). Also, having a network of friends here helped making these decisions too.
how is the snow in calgary bro? Heard it was -10 today, first canadian winter for you right?
Haha, yes, first Canadian winter! Temperature is so far okay, I've lived in similar temperatures before so I'm doing well. Neighbours told me that this is just the "good" winter. Will see what the "not good" winter feels like
."Winter is coming" in GOT styleHaha, yes, first Canadian winter! Temperature is so far okay, I've lived in similar temperatures before so I'm doing well. Neighbours told me that this is just the "good" winter. Will see what the "not good" winter feels like
You can potentially open a bank account and receive income before landing in Canada, with some banks like RBC offering accounts for newcomers. However, for a mortgage, most banks will require you to be physically present in Canada to qualify, though your employment history and financial situation could work in your favor. Once you land, it typically takes 3-6 months to establish Canadian credit. Using a credit card responsibly and financing a car can help. Your substantial down payment and stable income should position you well, so it's a good idea to talk to banks to understand the specific requirements for newcomers.
I bought my home in the same month I landed in Canada and I updated that in the thread too: https://www.canadavisa.com/canada-immigration-discussion-board/threads/newcomer-pr-mortgage-questions.791545/post-10639807
I actually opened bank account(s) months before moving to Canada. I'd a permanent job, my spouse got a great job upon landing as well. You are right with the Canadian credit score timeline.
I did wrote "financing a car" as a positive in my post when I started exploring the idea of buying a house. But, financing a car can be a bad idea if someone is going to buy a house real soon. Especially if someone's affordability is going to be impacted by that. I bought my car on cash(no financing) to ensure our affordability doesn't get impacted by car loan payments. A lot of what I did was an overkill, but made things very predictable once we landed here. So far has been an amazing experience for us!