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Canadian real estate is also in the worst April in history, home sales surged, prices rose steadily, and prices in hot spots generally rose by more than 10%.
Since July 1, 2020, CMHC (Canadian Mortgage and Housing Corporation) has tightened its lending policy. the new loan policy requires a credit score of 680 points, and the solvency index TDSR/GDSR has been lowered to 42max 35. In addition, personal loans cannot be used for down payments. It tastes similar to the ever-increasing New year’s real estate regulation and control policies in China’s big cities, such as the “Shanghai Ten articles” in Shanghai, the removal of historical transactions in Beijing and the guiding prices of second-hand housing in Shenzhen.
In fact, the conditions for Canadians to buy houses are still much more relaxed, with a minimum down payment of 5% for properties under C $500000, with a minimum down payment of C $50 to C $1 million, and a down payment of 20% for properties worth C $1 million. Although the funding threshold for buying a house is low, mortgage insurance (commonly referred to as CMHC insurance, which protects lenders from loan defaults) is mandatory for those with down payments between 5 per cent and 19.99 per cent. If the down payment is 20% or more, you do not need to buy this insurance.
For example, for a property with a total price of C $400000 in Canada, the minimum down payment is C $20, 000, the loan is C $380000, the loan term is 25 years, the interest rate is 4%, the mortgage insurance premium is C $15200, and the total cost of buying the house is C $643649. The total cost of buying a house is C $584979 for a 20% down payment.
In addition, Canada has a first-time home buyers subsidy scheme (First-Time Home Buyer Incentive). After a down payment of 5 per cent, buyers can receive a down payment subsidy to purchase properties with a higher total price in the form of partial property rights (5 per cent of second-hand property rights and 10 per cent of new homes).
New immigrants or non-tax residents, due to the lack of family income and tax information, generally make a down payment of 35% when they buy a house for the first time, and need to prepare domestic income certificates, payroll and bank flows in the last six months. You need to see that the amount of running water is in line with the amount shown in the payroll before you can make a loan.