I am in same situation. I need some help. If you are still on that side please contact me on whatsapp +15199929896 or dholajemish89@gmail.com
Thanks.
Buying house on Workpermit with 5% downpayment?
- Thread starter pksr
- Start date
Thanks.
There are newer posts about new comers' mortgage options. And the best is to reach out to a mortgage broker (doesn't have to the a person on this forum) and find out. In general if you are becoming a PR, (instead of just a temp worker) there are possible lender that will take the risk.
The housing market is very different from 2012 (which all prices were going up like crazy)
Incorrect. Not all housing market / prices going up like crazy. Some (like Calgary) are in 2012-3 level.
I mean the market isn't going crazy as back in 2012 time... It's pretty slow (if not going down)
Sorry for my bad english then. The information in the brackets were referring to condition back in 2012. Not the current market.
The housing market is very different from 2012 (which all prices were going up like crazy)
That is too general a statement. There are many more factors that need to be considered. This would not be an ideal time to invest in real estate for many people.
I agree
Hello! Your question really depends on the home price you are looking at and your income levels.
For instance if you look at apartments in vancouver the price points can go as low as $500,000. And in some areas like in West Vancouver houses can go as high as $5million. See my point here: https://www.strawhomes.com/mls/west-vancouver-homes
Secondly your income level will also determines how much you can borrow. So a 5% down payment will vary depending on price. Some lenders also have restrictions after $1million price point. You can see a good resource here : https://www.ratehub.ca/maximum-affordability-in-canada?latitude=49.28981862823887&longitude=-123.12319468013497
And of course because of covid 19 there are a few other restriction.
Hope this helps. In essence to answer your question: yes it’s possible but it depends.
Depends on a lot more than that. How secure do you think your job is. How much extra savings do you have if you lose your job. Would you be able to carry your expenses and your investment expenses as well? If you are renting out your property will you be able to carry your property if your tenant stops paying the rent. There will be more job losses and the eviction process takes a long time or evictions could be put on pause again. Can you afford a major repair if necessary? What is the economy likely to look like in the next year or few years. There are certainly some areas where priceswill likely decrease. How long do you want to hold onto the property? This is a small fraction of the questions that You need to ask. Eviction courts around the world have only started running again, any are still receiving some sort of unemployment, many countries have had mortgage holidays. We haven’t started to see the true effect of covid on the housing market yet.
Are you overthinking about home ownership?
Who would know there would be a covid-19 in 2017? Some celebrity said covid-19 is not a financial crisis, but the next financial crises would happen. But when?
Guys! Please don't consider covid-19 started a end of the world discussion. There could be covid-20 or 25 waiting (god forbid). We have to live with these viruses like the animals do with NO damn vaccines.
It is pretty dumb IMO to pause your daily plans/futures plans looking at what libéral media plays possibly everywhere(even in you bathrooms if you have some kind of news device there).
Please follow news only with common sense applied. Do not fall victim to overblown journalism of fear mongering for the profit numbers.
Fixed assets are probably the safest bet in any investments at any point of time
period!
It is pretty dumb IMO to pause your daily plans/futures plans looking at what libéral media plays possibly everywhere(even in you bathrooms if you have some kind of news device there).
Please follow news only with common sense applied. Do not fall victim to overblown journalism of fear mongering for the profit numbers.
Fixed assets are probably the safest bet in any investments at any point of time
period!
Think almost all economist are calling for a pretty harsh recession. Always nicer if you don't buy when there is a ton of uncertainty in the market and the programs that have been propping up people haven't stopped. Never fun to buy and watch your house lose a 1/4 of your value a year after purchasing it like in the 80s.