Buying a home in BC.

[karthicktalk]

Hi - Is it possible to buy a townhouse/apartment/house in BC if you are

i. New immigrant (PR status) - with no credit history,
ii. Have a job with decent monthly salary.
iii. Ready to put 5% down payment.

What are the rates of interest does bank offer for a person with above listed factors? Any bank or loan provider that you will recommend?

Thank you in advance.

 

[canuck_in_uk]

Hi - Is it possible to buy a townhouse/apartment/house in BC if you are

i. New immigrant (PR status) - with no credit history,
ii. Have a job with decent monthly salary.
iii. Ready to put 5% down payment.

What are the rates of interest does bank offer for a person with above listed factors? Any bank or loan provider that you will recommend?

Thank you in advance.

Unlikely with only 5%.

 

[karthicktalk]

Unlikely with only 5%.

Thank you, it will be nice to hear from anyone, who actually went through with all the above conditions.

 

[russ6970]

Never went through it but reading up on it, the deposit should be between 5 & 10%. So 5 might be enough, but I would go higher. That's just my opinion

 

[pie_vancouver]

Hi - Is it possible to buy a townhouse/apartment/house in BC if you are

i. New immigrant (PR status) - with no credit history,
ii. Have a job with decent monthly salary.
iii. Ready to put 5% down payment.

What are the rates of interest does bank offer for a person with above listed factors? Any bank or loan provider that you will recommend?

Thank you in advance.

I would talk directly to the banks and mortgage specialists, start with your own bank and then talk to other institutions.
Imo, if you don't have a credit history, I doubt banks will give you a mortgage with only 5% DP.

 

[YVR123]

You may need up to 20-30% down for some banks' special newcomer's program.
This article may be older but still worthwhile to read:
https://www.theglobeandmail.com/report-on-business/what-new-canadians-face-when-buying-a-home/article35156673/

 

[steaky]

Apart from down payment, you also need to pay 3 to 5 percent of property transfer tax.

 

[pie_vancouver]

^PTT can be exempt if first time buyer, property is less than $500k I think, etc.
OP please research and plan very well, mortgage is very serious and could be the biggest transaction of your life, talk to many mortgage specialists.

 

[steaky]

Also, you might be subject to speculation tax:

http://www.news1130.com/2018/03/01/alberta-bcs-latest-conflict-new-tax-hits-vacation-homes/