buying house in Canada (new immigrant)
- Thread starter jassee
- Start date
The deposit is a good thing. Unfortunately you effectively lose your credit score when you move and have to rebuild it from scratch. You will most likely have to have a permanent job before a bank will be willing to give you a mortgage.
You don't necessary have to have a permanent job before a bank to give you a mortgage. A friend of mine who has been working in China, had his mortgage broker to net him a mortgage to close his purchase of a town home here in Vancouver, BC.
Hi jassee If you are arriving and have permanent resident status in Canada you can purchase Real Estate with 25% and your credit history from UK,Honkong,Australia,US and any other country belonging to the United Kingdom it will be useful (it is not valid in Canada) but it will be useful because it shows of you pattern of credit.
If you don't have permanent status then you will need 35% and up to buy,anybody can own Real Estate in Canada as long as they have more than 35%.
I'm a Realtor since 2002 and working in the GTA.
If you have any question or to see properties and have an idea visit my site alrivas. com.
If you don't have permanent status then you will need 35% and up to buy,anybody can own Real Estate in Canada as long as they have more than 35%.
I'm a Realtor since 2002 and working in the GTA.
If you have any question or to see properties and have an idea visit my site alrivas. com.
ALRIVAS said:
So how much would it cost for a two roomed apartment the total. then I can look at the 35% of that.....
I am not rich, but would like to see how much I have to save in order to buy a good apartment.
canadadreams123 said:So how much would it cost for a two roomed apartment the total. then I can look at the 35% of that.....
I am not rich, but would like to see how much I have to save in order to buy a good apartment.
It really depends where you plan to live, how new a building you want and how nice an apartment you want. I sold a 2 bedroom apartment in downtown Toronto for around $425K three years ago. My building was not a new building and prices have increased since then. Note that the $425K would not be the total cost of the purchase. You would still have to factor in legal costs, property transfer taxes, etc.
You can search the following web site for properties that are for sale to get an idea of prices:
http://www.realtor.ca/
a) Property Search
You can check online at realtor.ca for properties based on area/bedrooms/etc. I am a real estate professional; I can help you in this search also, you can reach out to me by email anytime you like. Before purchasing, if you'd like to find a temporary rental house/apartment, I can help you with that also.
b) Mortgage/Financing
Best would be to speak to a bank professional to talk to them about specifics. Generally, 25% down is seen as positive, but a mortgage professional would be better able to advise you.
You can check online at realtor.ca for properties based on area/bedrooms/etc. I am a real estate professional; I can help you in this search also, you can reach out to me by email anytime you like. Before purchasing, if you'd like to find a temporary rental house/apartment, I can help you with that also.
b) Mortgage/Financing
Best would be to speak to a bank professional to talk to them about specifics. Generally, 25% down is seen as positive, but a mortgage professional would be better able to advise you.