Buying Property - PR Holders

[steaky]

I got my PR under PGP program in December2018.My wife is in Canada since then.I returned back to settle my 38 years job and household etc and returning in February 2020.I wish to buy a home probably in Barrie or Chattem are as my two daughters stay here.My question is can My mortgage also cover the Downpayment for the Newcomers?

You would need to talk to a mortgage specialist.

 

[Cassiano]

I got my PR under PGP program in December2018.My wife is in Canada since then.I returned back to settle my 38 years job and household etc and returning in February 2020.I wish to buy a home probably in Barrie or Chattem are as my two daughters stay here.My question is can My mortgage also cover the Downpayment for the Newcomers?

no,

 

[YVR123]

I got my PR under PGP program in December2018.My wife is in Canada since then.I returned back to settle my 38 years job and household etc and returning in February 2020.I wish to buy a home probably in Barrie or Chattem are as my two daughters stay here.My question is can My mortgage also cover the Downpayment for the Newcomers?

You mean getting a mortgage with NO downpayment at all? I have never heard of that. Usually new comer's mortgage requires larger portion as downpayment.

 

[21singh]

I got my PR under PGP program in December2018.My wife is in Canada since then.I returned back to settle my 38 years job and household etc and returning in February 2020.I wish to buy a home probably in Barrie or Chattem are as my two daughters stay here.My question is can My mortgage also cover the Downpayment for the Newcomers?

Hi,

That is really difficult, though if some one has a pretty decent credit history it is easy to get 100% Mortgage on property.
Anyhow the minimum down payment required is 5% (along with CMHC insurance as an add on, which can be added to rest of the 95% Home mortgage by the bank) + PST on the CMHC insurance + Lawyer fees + Registration charges + other miscellaneous expenses, you need to pay upfront.
You may get all the details on:
https://www.canada.ca/en/financial-consumer-agency/services/mortgages/down-payment.html

Good Luck

 

[Has_san]

Hi
I am looking expert advice on Real Estate. I am looking to invest on $400k pre construction condo in Kitchener and I have saving to pay 10% deposit, I would like to know if it is a good decision to do that as I came to Canada 2 years back and secondly, is my deposit secure by the government? I will have to save 10% more by next year so can I avail First Time Home Buyer incentive or its better to take Line of Credit.

i need some good advice on that. Do I expect anyother charges except 20% deposit?

pls advise
Thanks

 

[canuck78]

Hi
I am looking expert advice on Real Estate. I am looking to invest on $400k pre construction condo in Kitchener and I have saving to pay 10% deposit, I would like to know if it is a good decision to do that as I came to Canada 2 years back and secondly, is my deposit secure by the government? I will have to save 10% more by next year so can I avail First Time Home Buyer incentive or its better to take Line of Credit.

i need some good advice on that. Do I expect anyother charges except 20% deposit?

pls advise
Thanks

Too many unknowns for anyone to give you advice. KW is still really an area where homes dominate the market versus condos. Would suggest a home whether it be a townhouse, semi or detached over a condo.

 

[steaky]

Hi
I am looking expert advice on Real Estate. I am looking to invest on $400k pre construction condo in Kitchener and I have saving to pay 10% deposit, I would like to know if it is a good decision to do that as I came to Canada 2 years back and secondly, is my deposit secure by the government? I will have to save 10% more by next year so can I avail First Time Home Buyer incentive or its better to take Line of Credit.

i need some good advice on that. Do I expect anyother charges except 20% deposit?

pls advise
Thanks

Have you read the post before you? There list the other charges beyond the 20% deposit. Contrary to the poster before me, townhouse can be built in a condo building.