New to Canada? Complete Guide on How to Own a Home

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If you are new to Canada, the first thing you need to do is find a roof over your head. This is especially true if you plan to stay in Canada longer. Here is a brief guide for newcomers on how to find a home in Canada.

Short term stay

You will need to find short-term residence once you arrive in Canada until you can rent or buy a house. Staying in a hotel or hostel is a choice. The majority of hotels and hostels have websites with information about their rates, location, amenities, and photos. Reviews from forums, travel resources and other websites are also available.

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You can also contact an immigrant-serving organization in the city or town where you plan to settle. Ask if there is temporary accommodation for newcomers and how much it costs.

You are looking for a house

Knowing how much you can spend is essential when you start looking for a house. You should budget in advance for all costs associated with home ownership. Significant costs, in addition to the cost of buying the home, will include heating, property taxes, home maintenance and any necessary renovations.

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There are different methods to find a house to buy. You can let your family, close friends and colleagues know that you are looking for accommodation. You can visit real estate websites to get details and pictures on a variety of homes. Additionally, you can read real estate periodicals or newspaper articles about new construction, look for “For Sale” signs as you pass through an area you like, or stop at a new construction.

Finance your home

To obtain loans that will help them pay for their homes, the majority of buyers turn to financial organizations, including banks, credit unions, credit unions, pension funds and insurance companies. Mortgage debt must be repaid over a period of time, often 25 years, by making regular payments.

To lend you this money, the lenders will charge interest charges. Since you may not have a long credit history if you are new to Canada, it could be difficult for you to finance the purchase of a property.

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Building a new credit history as soon as possible is crucial if you want to buy a home. You can contact your bank’s customer service. They will be able to help you create a credit building strategy that will allow you to buy a property.

You can seek advice from mortgage brokers, who do not lend you money, but advise you on mortgages, help you choose a lender and negotiate the best mortgage terms on your behalf.

What happens when your offer is accepted?

It’s a good idea to stipulate that you’ll have the home professionally inspected before making the purchase after your offer has been accepted and your financing is in place. An inspector will perform a thorough inspection of the property for a cost, often $300 or more. You and your realtor will need to discuss how any agreed-upon selling price adjustments may be affected by necessary repairs once you receive the home inspection report.

Get the keys

You receive your keys that day. Your solicitor will ensure that the money is given to the seller, along with any other money the seller may have paid upfront for the property, such as heating costs or property taxes.

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The notary or lawyer is usually paid at this stage. Be sure to factor all closing costs into your initial home buying budget. These costs, which include notary and lawyer fees as well as property transfer duties, can vary from 1.5% to 4% of the sale price of the residence.

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