Harbourwalk at Lakeview Village.How long will it take for Canada to earn its own money to buy a house? For new immigrants, they can buy a house almost immediately when they land in Canada; even if they do not bring money from home to Canada, they will be able to buy a house in 2-3 years or 3-5 years.Please Visit: Harbourwalk at Lakeview Village to Get Your VVIP Registration Today!
We analyze a two-bedroom apartment of 90 square meters in downtown Toronto or a single-family villa with three bedrooms and one garage in the periphery. The house price is about 1 million, and the first 500000 down payment is 5%. 50-1 million down payment is 10%. In this way, the down payment is 75000, which is equivalent to 375000 RMB. I believe this number should be available to most new immigrants. Therefore, it is not a dream for new immigrants to buy a house when they land.
Buying a house in Canada will generally apply for a mortgage, with a minimum down payment of 5% and a maximum of 35%, and the interest rate on the mortgage is very low, only about 3%.
If they are skilled immigrants, they generally have good jobs. As long as they have a stable source of income, it is no problem to get a 5% down payment.
If they are investment immigrants, they will not register their own company immediately when they first arrive in Canada, and even if they have registered, they cannot prove that they have a stable source of income because they have not done business and paid taxes. at this time, you need to provide the bank with proof that you have a business in China and have a stable income. As long as there is a domestic tax bill, this matter is not difficult. Friends who need to know can add customer service manager Wechat to communicate specifically.
Friends can learn about applying for a mortgage through the steps of buying a house in Canada and how new immigrants get a mortgage.
For a mortgage with a down payment of less than 20%, you need to buy performance insurance. The down payment insurance rate of 5% 10% is 4%, the down payment rate is 3.1%, and the down payment rate is 2.8%. This insurance premium can be paid in a lump sum, it can also be added to the mortgage and repaid over decades.
Those who have bought performance insurance can enjoy the most preferential policy in terms of mortgage interest rates.
To sum up, it is not a dream for new immigrants to buy a house immediately after arriving in Canada. even if they arrive in Canada, they will work for 2-3 years and work for 3-5 years. Saving 30-50, 000 Canadian dollars will be able to buy the desired single-family villa.
If it is to buy a townhouse (Townhouse), generally 40-500000 can be done, it is even faster. The above is still based on the analysis of house prices in Toronto. If they are in cities other than Toronto and Vancouver, prices will be lower, and it will be easier, bigger and more exciting to buy a house.
If you like, you can live in a room or on the first floor and rent out the rest. The rent should be enough to repay the mortgage.
House prices in Canada have basically been rising for the last 10 years, and it is easy to rent and sell, even if you want to change jobs in another city, it is also easy to rent or sell the house, so it is recommended to buy as quickly as possible.