A Newcomer’s Guide to Buying a Home in Canada
Buying a home is often at the top of the list of dreams for recent immigrants. However, they may not be familiar with what it takes to buy a new home in Canada. There are a number of resources available for anyone who is new to the country and looking to buy a home, such as a guide to affordable homes that have all the necessary features.
Many newcomers to Canada bring their families with them, so the necessary amount of space should be at the top of the home’s “must-have” list. Detached homes offer a good option for families, regardless of their size. You should also take other factors into account when you buy a new home in Canada, such as how close it is to important facilities like shopping, schools, and your workplace. For instance, if you work in Downtown Toronto and don’t want to put up with the hassle of driving into the city—not to mention paying for parking—you’ll want to buy a home close to a GO station.
While researching the area you’re looking to buy a home in can help, nothing beats actually going to the area and getting a feel for it. But while going with your heart when you’re looking at affordable homes is great, there are other factors you’ll also need to consider, such as:
This is probably the most important part of buying a home. While most newcomers to Canada come here well prepared, you’ll still have to determine what you can afford. The amount of the mortgage will be the price of the house minus the down payment you made on the home. However, since you are new to the country, you may not have the credit history necessary to buy a new home in Canada. Consider working with a mortgage broker or lender to obtain the financing for a mortgage.
But don’t fret, your bank can work with you to help you obtain a credit card and start building a credit history.
Hiring a Real Estate Agent
When it comes to finding an affordable home, you should leave it up to the professionals by hiring a real estate agent to take care of tasks such as finding a home and negotiating a price. Your agent will also handle negotiating an offer on the home you ultimately decide on.
Hiring a Home Inspector
If you’re looking at buying a home, you should hire a home inspector to look it over so you can determine any issues before you move in.
If you have any family who are already living in Canada and in the area you are planning to move to, ask them for recommendations regarding real estate agents, lawyers, home inspectors and other professionals. Quality professionals can also be found using online directories and reviews. You can also visit the Canadian Mortgage and Housing Corporation for resources for newcomers to Canada looking to buy a home.
Bremont Homes offers affordable homes in communities throughout Southern Ontario, an area popular with newcomers. If you’re looking to buy a new home in Canada, including luxury detached homes close to all the amenities, contact us today!
Chih, V., “New to Canada and buying a home?” The Ottawa Sun, November 7, 2014; http://www.ottawasun.com/2014/11/07/new-to-canada-and-buying-a-home.